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Hilltop Holdings, 8.25% Series A Cumul Redeem Preferred Stock
Ticker Symbol: HTH-A* CUSIP: 432748200 Exchange: NYSE
* NOTE: This security is no longer trading as of 9/06/2009
Security has been Called for: Monday, September 6, 2010
August 6, 2010 -- Hilltop Holdings Inc., announced that it has called for redemption all of the outstanding shares of its 8.25% Series A Cumulative Redeemable Preferred Stock (CUSIP No. 432748200). The shares of Series A Preferred Stock, which are traded on the New York Stock Exchange under the symbol “HTHPRA,” will be redeemed on September 6, 2010, at a cash redemption price of $25.2063 per share, representing the liquidation preference of $25.00 per share, plus accrued and unpaid dividends to, and including, the date of redemption. The Company will use its available cash to redeem the Series A Preferred Stock. If the redemption had occurred on June 30, 2010, the Company would have had approximately $600 million in available cash after giving effect to the redemption. The Company is in discussions with several institutions to provide borrowing facilities should additional cash be necessary to consummate a transaction. No assurances, however, can be given that such facilities or cash will be available on terms acceptable to the Company, or at all. ____________ 1/22/2008 -- As the result of the sale of their real estate assets by the company which means the company is no longer a REIT, HTH-A is now eligible for the 15% tax rate on dividends per a telephone call from Darren Parker of HTH on 1/17/2008. ____________ July 31, 2007--Affordable Residential Communities Inc. (NYSE: ARC) today announced that the Company has closed the sale of certain of its assets, including the operating assets used in the Company's manufactured home communities business and its manufactured home retail sales and financing businesses to American Residential Communities LLC, an affiliate of Farallon Capital Management, L.L.C., Helix Funds LLC and GEM Realty Capital, Inc.. The Company has received gross proceeds of approximately $890 million in cash, which represents the amount of the excess of $1.794 billion less the indebtedness assumed by American Residential Communities LLC. After giving effect to expenses and taxes and after giving effect to the Company's continued outstanding preferred stock and senior subordinated notes, the Company's net cash balance will be approximately $550 million. The Company expects to use a portion of the proceeds for general working capital, liquidation of OP units and to repay outstanding obligations. In addition, management anticipates seeking to make opportunistic acquisitions with certain of the proceeds. In conjunction with this sale, the Company transferred the rights to the "Affordable Residential Communities" name and has changed its name to Hilltop Holdings Inc. In connection with the name change, the Company's New York Stock Exchange trading symbols will change to "HTH" for its common stock and "HTHPRA" for its preferred stock, effective as of August 1, 2007.
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QUANTUMONLINE.COM SECURITY DESCRIPTION: Hilltop Holdings Inc., formerly Affordable Residential Communities Inc., 8.25% Series A Cumulative Redeemable Preferred Stock, liquidation preference $25 per share, redeemable at the issuer's option on or after 2/18/2009 at $25 per share plus accrued and unpaid dividends, with no stated maturity, and with distributions of 8.25% ($2.0625) per annum paid quarterly on 1/30, 4/30, 7/30 & 10/30 to holders of record on the date fixed by the board, not more than 45 days or less than 15 days prior to the payment date. Dividends paid by preferreds issued by REITs are NOT eligible for the 15% tax rate on dividends and are also NOT eligible for the dividend received deduction for corporate holders. In regards to payment of dividends and upon liquidation, the preferred shares rank equally with other preferreds and senior to the common shares of the company. See the IPO prospectus for further information on the preferred stock by clicking on the ‘Link to IPO Prospectus’ provided below.
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Go to Parent Company's Record (HTH)
IPO - 2/12/2004 - 5.00 Million Shares @ $25.00/share.
Link to IPO Prospectus
Previous Ticker Symbol: ARC-A Changed: 8/01/2007
Previous Name: Affordable Residential Communities, 8.25% Series A Cumul Redeem Preferred Stock Changed: 8/01/2007
Market Value $125.0 Million
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Company's Online Information Links
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| Company's Online SEC EDGAR Filings |
| Company's Email Address Links |
| Address and Phone Numbers |
| Address: 200 Crescent Court, Suite 1330, Dallas, TX 75701 |
| Main Phone Number |
214-855-2177 |
| Fax Number |
Not Available |
| Investor Relations
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214-855-2177
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| CEO - Larry D. Willard |
CAO - Darren Parmenter |
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