Western Gas Resources calls $40 million convertible preferreds

New York, Dec. 17 - Western Gas Resources, Inc. said it will redeem $40 million or 800,000 shares of its $2.625 cumulative convertible preferred stock on Jan. 21.

The Denver natural gas exploration and production company will pay $50.6225 per share plus accrued and unpaid dividends.

Up to the close of business on Jan. 20, holders can convert their preferreds into common stock at a price of $39.75. Western Gas stock closed at $46.01 Wednesday.

Following the redemption 1.26 million shares or $63 million of preferred stock will remain outstanding.

Western Gas completed its previous redemption of $35 million of the convertibles on Dec. 11. Of the 700,000 shares, holders converted 676,344 into stock.

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