Loral retires 54% of series C convertible preferreds, 83% of series D in exchange

New York, Oct. 9 - Loral Space & Communications said it exchanged 54% of its 6% series C convertible preferred stock and 83% of its 6% series D convertible preferred stock for cash and common stock.

The New York satellite company said 4.34 million shares of the series C preferreds and 2.82 million of the series D preferreds were tendered in the exchange, which expired at 11.59 p.m. ET on Oct. 8.

In total, the preferreds tendered have a redemption value of $358 million and require $21.5 million of annual dividends.

Loral paid $1.92 in cash and issued 6.54 shares of its common stock for each share of preferred stock for a total of $13.7 million in cash and 46.8 million shares.

Following the transaction 3.7 million shares of the series C preferreds and 600,000 shares of series D remain outstanding.

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