PENDLETON, Ind. -- Remy International says it has completed its previously announced redemption of its remaining preferred stock. Just over 48,000 shares of preferred stock were exchanged in the Remy rights offering that closed on Jan. 18.
The remaining 38,996 shares of preferred stock were redeemed for approximately $45 million by the company, effective Jan. 31, thereby canceling all preferred stock of the company.
John Weber, president and CEO, stated, "We are pleased that Remy was able to redeem its remaining shares of Preferred Stock. At this time, Remy enjoys a capital structure consisting of bank debt, a revolver and common stock equity. We are well-poised for strategic growth."
