International Shipholding redeems 6% convertible preferreds

By Susanna Moon

Chicago, Feb. 4 - International Shipholding Corp. said it redeemed its 6% convertible exchangeable preferred stock.

Holders of 462,382 shares of the preferred stock elected to convert their shares into 1,155,955 common shares. The remaining 337,618 shares were retired for cash.

The company said it paid $17.3 million for the preferred stock including accrued dividends.

As of Dec. 27, there were 800,000 shares of convertible preferred stock outstanding.

The company previously said it would redeem the preferreds at $51.00 per share plus accrued dividends up to but excluding Feb. 1, the redemption date.

Each preferred was convertible into 2.5 common shares until 5 p.m. ET on Jan. 31.

American Stock Transfer and Trust Co. is the trustee (251 243-9082).

Based in Mobile, Ala., International Shipholding is a provider of international and domestic maritime transportation services.

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