Titan to redeem convertibles on March 15

New York, Feb. 10 - Titan Corp. said its previously announced redemption of its cumulative convertible preferred stock will take place on March 15.

The San Diego provider of information and communications systems to the federal government will pay $20.03 per preferred share in cash, a price that includes accrued dividends through the redemption date.

Holders as of Feb. 6 will receive the regularly scheduled March 5 dividend.

Up to the time of redemption, holders can convert the preferreds into common stock at the rate of 0.781 shares per preferred share. Titan stock closed at $21.76 Monday.

The redemption is being made in conjunction with Titan's acquisition by Lockheed Martin Corp.

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