Texas Industries holders convert $98 million preference securities; remainder redeemed

By Jennifer Chiou

New York, March 23 - Texas Industries, Inc. said that holders of TXI Capital Trust I's 5.5% shared preference redeemable securities due 2028 converted about $98 million liquidation amount into 1,910,477 Texas Industries shares while the remaining $0.9 million of securities was redeemed.

The redemption price per security was $50.6494, which is equal to the $50.00 liquidation amount per security plus accrued and unpaid distributions to the redemption date.

Each of the securities was convertible into 0.97468 share of Texas Industries common stock, which is equal to a conversion price of $48.734, until 5 p.m. ET on March 23.

Because March 23 was prior to the next record date for distributions on the securities, accrued distributions on any converted securities will not be paid, the company previously reported.

On Feb. 23, the company said that holders converted about $59.9 million liquidation amount of the securities into 1,167,731 shares of Texas Industries' common stock before redemption.

Previously, the company called $60 million liquidation amount of the $159.7 million liquidation amount of securities outstanding for redemption on Jan. 23 and redeemed roughly $0.9 million liquidation amount of the securities on Feb. 22.

On Feb. 23, TXI had said it would redeem the $98.9 million liquidation amount of the securities that remain outstanding on March 26.

Texas Industries' stock (NYSE: TXI) closed at $78.62 on March 23.

Texas Industries is a cement producer based in Dallas.

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