IHS Chemical Week

People & Business :: Earnings/Finance

Stepan redeeming preferred stock

9:59 AM MDT | June 13, 2013 | Vincent Valk

Stepan says that on 9 August it will redeem all remaining shares of 5.5% convertible preferred stock at $25/share. Most holders of the stock, which was issued in 1992, have exercised their options to convert the shares into common stock, Stepan says. Stepan’s common stock is currently trading at about $55/share, and the company has 22.15 million shares...

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