Penford Announces $20 Million Preferred Stock Redemption
CENTENNIAL, Colo.--(BUSINESS WIRE)-- Penford Corporation (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 Companys 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.
Steven O. Cordier, 303-649-1900
Senior Vice President & Chief Financial Officer
Source: Penford CorporationCopyright Business Wire 2012