Weyerhaeuser 6.375% convertible preference shares to convert July 1

By Wendy Van Sickle

Columbus, Ohio, June 29 – Weyerhaeuser Co.’s outstanding 6.375% mandatory convertible preference shares, series A, will convert into Weyerhaeuser common shares effective July 1, the company said in a press release.

The conversion rate will be 1.6929 common shares per preference share. No action is required by holders of the preference shares.

The company expects to issue about 23 million common shares in conjunction with the conversion, based on about 13.8 million preference shares outstanding as of Wednesday.

In lieu of fractional common shares, holders of the preference shares will receive a cash amount to be computed on a rate of $28.1226 per common share.

The number of common shares issuable on conversion of the preference shares was determined based on the average of the volume weighted average price of Weyerhaeuser common shares over the 20-trading-day period from June 1 through June 28.

Weyerhaeuser is a timber company based in Federal Way, Wash.

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