Titan to redeem convertibles

New York, Sept. 16 - Titan Corp. said it will redeem its 5% cumulative convertible preferred stock in anticipation of the proposed acquisition of the company by Lockheed Martin Corp.

Titan said it will send the redemption notice to holders of the convertibles as soon as possible.

The securities are redeemable at par of $20 per share. They are traded on the New York Stock Exchange under the symbol TTN_p. As of Tuesday morning, the last trade was on Sept. 12 at $18.20.

Holders may convert the securities into stock at the rate of 0.781 shares of common stock per share of preferred. Titan stock closed at $16.96 on Monday.

The San Diego provider of information and communications systems to defense, intelligence and other federal government customers said it had 688,029 shares of the convertibles outstanding as of June 30 or $13.76 million.

Titan noted that redemption of the convertibles is a condition to closing its merger with Lockheed Martin.

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