Loral exchanges $109.2 million convertibles for stock

New York, April 8 - Loral Space & Communications Ltd. said it exchanged $109.1775 million liquidation preference of its convertible preferred stock for common stock.

The New York-based satellite company said the privately negotiated transaction eliminated nearly 14% of its outstanding preferred stock and will save $32.9 million in cumulative dividends over the life of the preferreds.

Loral carried out the exchange on April 3, the company said in a filing with the Securities and Exchange Commission.

In return for 2,183,550 shares of its 6% series C convertible redeemable preferred stock due 2006 and 6% series D convertible redeemable preferred stock due 2007, Loral issued 15,066,495 shares of its common stock.

Loral stock closed at $2.10 Monday.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.