Fleetwood says all $50 million 9.5% trust preferreds converted ahead of call

New York, April 8 - Fleetwood Enterprises, Inc. said all $50 million liquidation amount of its 9.5% convertible trust III preferred securities were exchanged for stock ahead of the call on April 8.

The securities were convertible at 4.826255 shares per $50 security, equivalent to a conversion price of $10.36. Fleetwood stock closed at $14.30 Thursday.

Fleetwood has called the remaining $100 million of the trust preferreds for redemption on April 29.

Fleetwood will pay 106.333% of the $50 liquidation amount of each security plus accrued distributions.

Up to 5 p.m. ET on April 28, holders can convert the securities into common stock.

Fleetwood is a Riverside, Calif., manufacturer of recreational vehicles and manufactured housing.

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