Wabash National Corp has announced that holders of the outstanding Series B 6% cumulative convertible exchangeable preferred stock totaling $17.6 million elected to convert the Series B preferred shares into common shares of Wabash.
The Series B preferred shares were converted into common shares of Wabash before the redemption date at a conversion price of $21.375 per share, plus accrued and unpaid dividends, and resulted in the issuance of an additional 823,000 shares of common stock. The number of common shares outstanding as of Dec 31, 2003, was approximately 26.8 million.
In addition, effective Jan 1, 2004, all of the conditions for conversion of the company's $125 million 3¼% convertible senior unsecured notes into about 6.5 million common shares of Wabash were met. As a result, some 6.5 million common shares will be included in the number of shares outstanding for purposes of calculating fully diluted earnings per share during 2004.