Remy to redeem some preferred shares with rights offering proceeds

By Melissa Kory

Cleveland, Nov. 16 - Remy International, Inc. announced that it will redeem preferred shares using proceeds from its $237 million rights offering approved Nov. 8 to allow holders of common shares to purchase equity in the company at $11.00 per share.

The proceeds from the offering will also be used to pay accrued dividends and reduce debt.

The company will solicit common shareholder approval for the preferreds' redemption beginning Nov. 18.

Remy International is a Pendleton, Ind.-based manufacturer, remanufacturer and distributor of light duty starters and alternators.

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