Penford Announces $20 Million Preferred Stock Redemption
May 10 2012 - 5:05PM
Business Wire
Penford Corporation (Nasdaq: PENX), announced today that it
redeemed $20.0 million of its outstanding Series A 15% Cumulative
Non-Voting Non-Convertible Preferred Stock effective April 27,
2012. The Company redeemed 41,250 shares at the original issue
price of $16.5 million plus accrued dividends of $3.5 million. The
Series A Preferred Stock was held by the Zell Credit Opportunities
Master Fund, L.P.
The redemption was funded with available balances on the
Company’s existing revolving credit facility.
About Penford Corporation
Penford Corporation develops, manufactures and markets specialty
ingredients for a variety of industrial and food applications.
Penford has seven manufacturing and/or research locations in the
United States.
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