RICHMOND, Va., April 14 /PRNewswire/ -- Fort James Corporation today
announced that the redemption and conversion of its Series K $3.375 Cumulative
Convertible Exchangeable Preferred Stock (the "Series K"), its Series L $14.00
Cumulative Convertible Exchangeable Preferred Stock (the "Series L") and its
Series N $14.00 Cumulative Convertible Exchangeable Preferred Stock (the
"Series N") (collectively, the "Preferred Stock") was completed as of 5:00
p.m. (Eastern time) on April 10, 1998.
On March 11, 1998, the company announced its intent to redeem the
Preferred Stock as of April 10. Of the 7,054,563 then outstanding shares of
Preferred Stock, holders of 7,017,809 shares of Preferred Stock converted
their shares into approximately 9.5 million shares of common stock, and the
remaining 36,754 shares of Preferred Stock were redeemed for approximately
$1.8 million in cash, detailed as follows:
Outstanding Preferred Preferred
Redemption Conversion Preferred Shares Shares
Price per Rate per Shares at Converted into Redeemed
Share Share March 11,1998 Common Stock for Cash
Series K $50.64688 1.3376 1,999,695 1,984,657 15,038
Series L $50.09722 1.3626 3,998,700 3,976,984 21,716
Series N $50.09722 1.3626 1,056,168 1,056,168 0
Fort James is a leading international consumer products company, serving
consumers both at home and away-from-home with bathroom and facial tissue,
paper towels, napkins, and cups and plates. The company's popular brands
include Quilted Northern, Brawny, Dixie, Vanity Fair, Mardi Gras, Green
Forest, Soft 'N Gentle and So-Dri in North America and Lotus, Tenderly,
Colhogar and Kittensoft in Europe. Fort James also produces folding cartons
for packaging food and pharmaceuticals and communications papers such as
printing, publishing and office copy paper. With annual sales of $7.3
billion, the company has approximately 29,000 employees and more than 65
manufacturing facilities in the U.S., Canada and 10 European countries.
Copies of today's news release, along with additional information on Fort
James, is available, at no charge, by calling 888-526 3711. You may also
access the company's web site at Internet address http://www.fortjames.com.
Company News On-Call: http://www.prnewswire.com or
fax, 800-758-5804, ext. 457350
Related links:
http://www.fortjames.com
CONTACT:
Celeste Gunter, Financial, 804-649-4307, or
Richard B. Elder, Media, 804-343-4785, both of Fort James
|
