South Financial issues shares in exchange for 10% mandatory convertible preferreds

By Jennifer Chiou

New York, Jan. 28 - South Financial Group, Inc. said it entered into an agreement with an institutional shareholder, under which it issued 9,496,000 common shares in exchange for an aggregate of 45,474 shares of 10% mandatory convertible non-cumulative preferred stock, series 2008ND-V, and 10% mandatory convertible non-cumulative preferred stock, series 2008ND-NV.

Of the issued common shares, 2.5 million accounted for an inducement for early conversion of the mandatory convertible preferreds.

Absent early conversion, the shares of mandatory convertible preferred stock are convertible automatically on May 1, 2011.

South Financial is a Greenville, S.C., financial holding company.

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