The new shares may be redeemable at the $25 liquidation preference if the company chooses on or after Jan. 20, 2009. The Series C cumulative preferred shares don't have a stated maturity, sinking fund or mandatory redemption and aren't convertible into any other company securities.
The company plans to use about $118 million of the proceeds to redeem all of the company's outstanding 8.625% Series A cumulative convertible preferred shares. The balance will go toward general corporate purposes.
The Series C cumulative preferred shares will trade on the New York Stock Exchange within 30 days after the closing.
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