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Fedders Announces Offer to Exchange Preferred Stock for Common Stock
Feb 17, 2003
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Fedders Corporation, a leading global manufacturer of air treatment products, including air-conditioners, air cleaners, dehumidifiers, and humidifiers, and thermal technology products, today announced a new offer to exchange shares of Series A Cumulative Preferred Stock for up to 12.5 million shares of the Company's common stock, with 14 shares of preferred stock being offered in exchange for every 100 shares of common stock. The exchange offer will expire at 5:00 p.m., New York City time, on March 18, 2003.

The Series A Cumulative Preferred Stock, which is listed on the New York Stock Exchange under the symbol FJCPRA, has an annual dividend of U.S. $2.15 per share and a liquidation value of $25 per share. Based on a closing price on Feb. 13, 2003 of $22.75 per share for the preferred stock and $2.60 per share for the common stock, if 1,000 shares of common stock, with a value of $2,600, were tendered for exchange, the holder would receive 140 shares of preferred stock with a value of $3,185. The $2.15 dividend on the preferred stock would provide an 11.58-percent yield, based on the $2.60 per share price of the common stock, compared to a 4.62-percent yield based on the $0.12 dividend on the common stock.

Holders of Fedders' common stock will receive an offering circular outlining the details of the exchange by mail. Implementation of the exchange offer is subject to customary legal and regulatory requirements. (Reuters)

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