Kinder Morgan to convert all 9.75% series A mandatory convertibles

By Marisa Wong

Morgantown, W.Va., Oct. 23 – Kinder Morgan, Inc. will convert all of its 9.75% series A mandatory convertible preferred stock into shares of its common stock on Oct. 26, according to an 8-K filing with the Securities and Exchange Commission.

The preferred stock will convert at a rate of 36.2840 shares of common stock per share of preferred stock, or 1.8142 shares of common stock per depository share, each of which represents a 1/20th interest in one share of preferred stock.

Cash will be paid in lieu of fractional shares of common stock.

Kinder Morgan is a Houston-based pipeline transportation and energy storage company.

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