Holders of the series 30 preference stock will have the right to convert all or any part of their shares to non-cumulative
floating-rate preferred shares, series 31, on 26 April 2015 and on the same date every five years thereafter.
Proceeds of the issue will be utilized for general corporate purposes including the repayment of existing
floating-rate preferred shares and debt.
Municipal CEFs have also shown a preference for issuing
floating-rate preferred shares, which comprised 87% of the total.
E[acute accent]--
Floating-rate preferred stock, series A 'A-';
In addition to providing current income, the dividends paid by the fund's
floating-rate preferred securities may provide a hedge against rising short-term interest rates.
The net proceeds will be utilized for general corporate purposes including the repayment of existing
floating-rate preferred shares and debt.
0 million, or 500 shares, of Richmond County Capital Corporation Series C Non-Cumulative Exchangeable
Floating-Rate Preferred Stock, stated value $100,000 per share (the "Series C Preferred Stock").
