Fleetwood Capital Trust III Calls for Partial Redemption of 9.5% Convertible Trust III Preferred Securities
10 Março 2004 - 5:19PM
PR Newswire (US)
Fleetwood Capital Trust III Calls for Partial Redemption of 9.5%
Convertible Trust III Preferred Securities RIVERSIDE, Calif., March
10 /PRNewswire-FirstCall/ -- Fleetwood Enterprises, Inc. , the
nation's leader in recreational vehicle sales and a leading
producer and retailer of manufactured housing, today announced that
it has called for the redemption of $50 million in aggregate
liquidation amount of its $150 million issue of 9.5% Convertible
Trust III Preferred Securities. The redemption price per security
is $53.17, plus accrued but unpaid distributions. The Company will
redeem $51,546,400 aggregate principal amount of its 9.5%
Convertible Trust III Subordinated Debentures due 2013 held by its
subsidiary, Fleetwood Capital Trust III, and Fleetwood Capital
Trust III will redeem $50,000,000 aggregate liquidation amount of
its currently outstanding 9.5% Convertible Trust III Preferred
Securities and $1,546,400 of its 9.5% Convertible Common
Securities. The Preferred Securities and the Common Securities will
be redeemed on April 8, 2004, at a redemption price equal to
106.333% of the $50 liquidation amount of each trust security (or
$53.17 per security) plus accrued and unpaid distributions to, but
excluding, the redemption date. Each Preferred Security
(liquidation amount $50 per security) is convertible into common
stock at the rate of 4.826255 shares of common stock (equivalent to
a conversion price of $10.36 per share of common stock). Prior to
5:00 p.m., New York City time, on April 7, 2004, holders of
Preferred Securities called for redemption may convert their
securities into shares of Fleetwood common stock by delivering a
conversion request, together with such securities being converted,
to The Bank of New York, as conversion agent, in accordance with
the terms of the securities. Notice of redemption has been given to
the registered holder of the Preferred Securities. Any Preferred
Securities converted into Fleetwood common stock between March 9,
2004, and 5:00 p.m., New York City time, on April 7, 2004, shall be
deemed securities selected for redemption on the redemption date
and holders shall not be entitled to receive the redemption price
for those securities, nor to have any other securities outstanding
on the redemption date redeemed in lieu of such converted
securities. On and after the redemption date, distributions on the
redeemed securities will no longer accrue, such redeemed securities
will no longer be deemed outstanding, and all rights with respect
thereto will cease. Holders of Preferred Securities called for
redemption who do not convert their securities into Fleetwood
common stock will have such securities redeemed on April 8, 2004.
Upon redemption, they will receive 106.333% of the $50 liquidation
amount per Preferred Security plus accrued and unpaid distributions
to, but excluding, the redemption date. No further distributions
will accrue thereafter on Preferred Securities called for
redemption. About Fleetwood Fleetwood Enterprises, Inc., a Fortune
1000 company headquartered in Riverside, Calif., is a leading
manufacturer of a full range of recreational vehicles from motor
homes to travel and folding trailers, and is a vertically
integrated manufacturer, retailer and financier of manufactured
housing. The Company is dedicated to providing quality, innovative
products that offer a high value quotient to our customers.
Fleetwood operates facilities strategically located throughout the
nation, including recreational vehicle and manufactured housing
plants, retail home centers, and supply subsidiary plants. For more
information, visit the Company's Website at
http://www.fleetwood.com/ . For further information, please contact
Lyle Larkin, Vice President, Treasurer, +1-909-351-3535, or Kathy
A. Munson, Director-Investor Relations, +1-909-351-3650, both of
Fleetwood Enterprises, Inc. DATASOURCE: Fleetwood Enterprises, Inc.
CONTACT: Lyle Larkin, Vice President, Treasurer, +1-909-351-3535,
or Kathy A. Munson, Director-InvestorRelations, +1-909-351-3650,
both of Fleetwood Enterprises, Inc. Web site:
http://www.fleetwood.com/
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