Articles > Popular publications > PR Newswire press releases > January-March 1998 > Tuesday, March 31

Article: IXC Communications, Inc. Completes Sale of $135 Million of Convertible Preferred Stock

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PR Newswire
Article date:
March 31, 1998
Copyright

AUSTIN, Texas, March 31 /PRNewswire/ -- IXC Communications, Inc. (Nasdaq: IIXC) announced today that it completed the sale under Rule 144A of $135 million of its 6:% Cumulative Convertible Preferred Stock (the "Convertible Preferred Stock"). The Convertible Preferred Stock was issued in the form of 2,700,000 depositary shares ("Depositary Share"), each Depositary Share representing 1/20 of a share of the Convertible Preferred Stock. The Convertible Preferred Stock is convertible at the option of the holders at any time from the date of issue at a conversion rate (subject to adjustment in certain events) of 0.6874 shares of Common Stock per $50 Depositary Share (13.748 ... 







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