Article: GATX Corporation to Redeem Outstanding $3.875 Cumulative Convertible Preferred Stock

CHICAGO, May 16 /PRNewswire/ -- GATX Corporation (NYSE: GMT) today announced that it has called for redemption all of the outstanding shares of its $3.875 Cumulative Convertible Preferred Stock ("Convertible Preferred Stock" -- NYSE: GMTA).

All of the outstanding shares of the Convertible Preferred Stock will be redeemed on June 16, 1997. The Convertible Preferred Stock will be redeemed for $51.1625 per share plus accrued dividends from May 1, 1997, through the Redemption Date of $0.4951 per share, for a total Redemption Price of $51.6576 per share.

Each share of Convertible Preferred Stock can be converted into 1.1494 shares of GATX common stock ...

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