NEW BRITAIN, Conn., Nov. 18, 2015 /PRNewswire/ -- Stanley Black & Decker (NYSE: SWK) (the "Company") announced that it has called for redemption all outstanding shares of the Company's 4.75% Series B Perpetual Cumulative Convertible Preferred Stock (CUSIP No. 854502 606) (the "Convertible Preferred Stock") on December 24, 2015 at a redemption price equal to $100.49 per share of Convertible Preferred Stock, which is equal to the Liquidation Preference of $100 per share of Convertible Preferred Stock plus an amount equal to all accrued and unpaid dividends thereon to, but excluding, December 24, 2015.
In lieu of redemption, holders of Convertible Preferred Stock may convert shares of Convertible Preferred Stock at any time before 5:00 p.m., New York City time, on December 23, 2015. Holders will no longer be able to exercise their conversion rights after 5:00 p.m., New York City time, on December 23, 2015. As of November 18, 2015, the Conversion Rate was 1.3763 shares of Common Stock per share of Convertible Preferred Stock. The Company has elected to settle any conversions of Convertible Preferred Stock following this Redemption Notice through Combination Settlement, with a Specified Dollar Amount of $100.
Holders who wish to convert shares of Convertible Preferred Stock must satisfy the requirements set forth in Section 3(B)(7) of the Certificate of Amendment. If, on the Redemption Date, DTC and/or the Paying Agent holds or hold money sufficient to pay the Redemption Price, dividends will cease to accumulate on the shares of Convertible Preferred Stock and all rights with respect thereto will cease and terminate, except the right of holders thereof to receive payment of the Redemption Price.
Holders who wish to have their shares of Convertible Preferred Stock redeemed must surrender shares of Convertible Preferred Stock to the Paying Agent to collect the Redemption Price. The Company has designated Computershare Investor Services, LLC to act as the Paying Agent, Conversion Agent and Registrar. Questions regarding redemption of the Convertible Preferred Stock, conversion of the Convertible Preferred Stock or the procedures therefor may be referred to Computershare at the address and telephone number below:
Computershare Investor Services, LLC
250 Royal Street
Canton, MA 02021
Attn: Corporate Action Team
Stanley Black & Decker, an S&P 500 company, is a diversified global provider of hand tools, power tools and related accessories, mechanical access and electronic security solutions, healthcare solutions, engineered fastening systems, and more. Learn more at www.stanleyblackanddecker.com.
Stanley Black & Decker
Greg Waybright, 860-827-3833
Vice President, Investor & Government Relations
SOURCE Stanley Black & Decker