The redemption prices for each of MECO's Series A, Series B and Series D Preferred Stock is $101.
The accrued dividend portion of the redemption prices for all series being redeemed will be paid separately in the manner in which dividends on each series are usually paid.
The redemption of the Notes due 2010 and the Notes due 2012 and the payment of the respective redemption prices will be in accordance with the terms specified in the respective redemption notices and the redemption procedures of the trustee.
The cash redemption price for the Notes due 2010 is 103.
Payment of the redemption prices and accrued and unpaid dividends will be made to each tendering shareholder on or after the redemption date as soon as practicable after delivery and surrender of certificates.
On and after the redemption date, all holders of cumulative preferred stock shall cease to be shareholders, all dividends on the shares of each series will cease to accrue and all rights with respect to such shares will cease, except the right to receive the redemption price and unpaid and accrued dividends up to the redemption date, upon surrender of the certificates for the shares.
McGladrey & Pullen verified the mathematical accuracy of schedules provided to them by UBS Financial Services, underwriter for the refunding bonds, indicating the sufficiency of escrowed funds to pay remaining debt service obligations and redemption prices
of the refunded bonds.
Payment of the redemption prices
will be made on or after December 31, 2004, upon presentation and surrender of certificates representing shares of the preferred stock redeemed, to Mellon Investor Services LLC, Redemption Agent, by hand at their window facility at 120 Broadway, New York, NY 10271 or by mail at P.
The "make-whole" redemption prices
were determined by reference to a fixed spread of 50 basis points over a specified U.
50 per share premium over the respective redemption prices
Listed below are the series of convertible preferred stock that will be redeemed and the redemption prices
and partial dividends that will be paid on each series:
60 Series (CUSIP 98389B209), at a redemption price