Southwestern Energy Declares Dividend On Mandatory Convertible Preferred Stock
PR Newswire 20-Jun-2017 5:05 PM
HOUSTON, June 20, 2017 /PRNewswire/ --Southwestern Energy Company (NYSE: SWN) today announced that an authorized committee of its Board of Directors declared a quarterly dividend of $15.625 per share on its 6.25% Series B Mandatory Convertible Preferred Stock, payable on July 17, 2017, to holders of record on July 1, 2017. This equates to $0.78125 for each depositary share, which represents a 1/20th interest in a share of the Series B preferred stock. The dividend is for the period beginning on April 15, 2017 and ending on July 14, 2017.
The company has elected to pay this dividend in shares of common stock of the company to the extent permitted by the certificate of designations governing the Series B preferred stock. Common shares issued will be listed and tradable on the New York Stock Exchange. If the value of the common stock, based on 97% of the weighted average trading price for the five consecutive trading day period ending the second trading day before the dividend payment date, would be below an amount specified in the certificate of designations, holders will receive the remainder of the dividend in cash.
Southwestern Energy Company is an independent energy company whose wholly-owned subsidiaries are engaged in natural gas and oil exploration, development and production, natural gas gathering and marketing. Additional information on the company can be found on the Internet at http://www.swn.com .
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SOURCE Southwestern Energy Company