Texas Industries sets pricing in exchange offer for 5.5% preference redeemable securities

By Jennifer Chiou

New York, May 8 - Texas Industries, Inc. announced pricing in its exchange offer and consent solicitation for TXI Capital Trust I's $199,937,200 of 5.5% shared preference redeemable securities due 2028.

The company said it will issue 0.98914 common shares per security. Pricing was fixed at 5 p.m. ET on May 5.

The Dallas-based cement producer based pricing on 0.97468 TXI shares plus $0.83 divided by $57.38, the weighted average price of TXI's stock over a 10-day trading period.

At the option of the holder, the trust preferreds are convertible any time into TXI stock.

The company is seeking consents from at least a majority of securities holders to amend the trust agreement to reduce the amount of notice required to redeem the securities to three business days from 30 calendar days.

The offer, which began on April 12, expires at midnight ET on May 9.

D.F. King & Co., Inc. is the information agent (call collect 212 269-5550 or 800 431-9633). J.P. Morgan Trust Co. NA is the exchange agent (800 275-2048).

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.