National Beverage announces approval of partial redemption of Special Series D Preferred Stock that was privately placed in January 2013
FORT LAUDERDALE, Florida
May 1, 2014
– National Beverage Corp. (FIZZ) announced today that the Special Committee of its Board of Directors approved a partial redemption of the Special Series D Preferred Stock that was privately placed in January 2013.
The redemption payment of $8 million plus accrued dividends will be made on May 2, 2014 and represents 40% of the amount outstanding. In conjunction with the partial redemption, the Company negotiated a dividend rate of 2.5% for the next twelve months, a reduction of approximately 1.4% from the rate that would have become effective on May 1, 2014.
“The stronger demand for our Power+ brands has heightened our spirits previously dampened by the hostile winter,” stated Nick A. Caporella, Chairman and Chief Executive Officer.
“Our Board pledged to optimize the Company’s financial structure subsequent to the payment of the $2.55 cash dividend in December 2012; this partial redemption is the ‘next step’ in this process . . . made possible through solid cash flow generation. We remain diligent in our efforts to maximize shareholder value while, at the same time, stay committed to our traditionally strong balance sheet,” Caporella concluded.
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