Fleetwood Completes Its Call for Redemption of 9.5% Convertible Trust II Preferred Securities
08 Junho 2004 - 8:14PM
PR Newswire (US)
Fleetwood Completes Its Call for Redemption of 9.5% Convertible
Trust II Preferred Securities RIVERSIDE, Calif., June 8
/PRNewswire-FirstCall/ -- Fleetwood Enterprises, Inc. (NYSE:FLE),
the nation's leader in recreational vehicle sales and a leading
producer and retailer of manufactured housing, announced today the
successful completion of its call for the redemption of $38 million
in aggregate liquidation amount of 9.5% Convertible Trust II
Preferred Securities. Of the 1,725,000 shares of Trust II preferred
outstanding (liquidation amount $22 per security), 943,935 units
were redeemed on June 4 at $22 per unit, plus a redemption premium
of 6.333%, plus accrued and unpaid distributions, for a total cash
disbursement by the Company of approximately $22 million. The
remaining 781,065 units, including a number that were tendered to
the Company in privately negotiated transactions, were converted by
the holders into an aggregate of approximately 1,368,100 shares of
common stock. "The elimination of the last of our 9.5% convertible
trust preferred securities is a landmark event for Fleetwood," said
Boyd R. Plowman, executive vice president and chief financial
officer. "With this transaction and the previously announced
conversion of the Trust III convertible trust preferred securities,
we have reduced our annual interest charges by $17.9 million.
Although we paid cash for some of the securities in the current
transaction, we believe the reduction in our fully diluted share
count resulting from the cash redemptions makes this every bit as
successful as the Trust III transaction, where virtually all the
trust preferred shares were converted into equity. At the end of
the day, our cash position and overall liquidity remain strong, our
shareholders' equity is improved and the elimination of the
interest charges provides a lift to our income statement." 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 high
value 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-Investor
Relations, +1-909-351-3650, both of Fleetwood Enterprises, Inc. Web
site: http://www.fleetwood.com/
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