RICHMOND, Va., Jan. 12, 2017 /PRNewswire/ -- Universal
Corporation (NYSE: UVV) ("Universal") today announced that it has
updated the conversion rate to 22.4306 from 22.3920 on the
mandatory conversion of its Series B 6.75% Convertible Perpetual
Preferred Stock ("Series B Preferred Stock").
As previously announced, all outstanding shares of the Series B
Preferred Stock will mandatorily convert on January 13, 2017 (the "Mandatory Conversion
Date"). Universal has elected to settle its conversion
obligation in cash. Holders of the Series B Preferred Stock
will receive the product of the conversion rate, 22.4306, and the
average volume weighted average price of Universal's common stock
during the cash settlement averaging period, for each share of
Series B Preferred Stock converted. The cash settlement
averaging period will begin on January 17,
2017, the trading date following the Mandatory Conversion
Date, and will run for ten trading days, ending on January 30, 2017. Cash settlement will
occur on January 31, 2017, and the
Company intends to use cash on hand for the settlement.
From and after the Mandatory Conversion Date, the Series B
Preferred Stock not previously converted will cease to be
outstanding and all rights of the holders with respect to the
Series B Preferred Stock will terminate, except for the right to
receive cash, as described above.
Headquartered in Richmond,
Virginia, Universal Corporation is the leading global leaf
tobacco supplier and conducts business in more than 30
countries. Its revenues for the fiscal year ended
March 31, 2016, were $2.1 billion. For more information on Universal
Corporation, visit its website at
www.universalcorp.com.
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SOURCE Universal Corporation