445,000 Varco Shares Converted in Exchange
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Varco International in Orange said it has converted 445,000 shares of its $2 Series A preferred stock to 1.7 million shares of common stock under terms of the company’s exchange offer, which expired Friday.
The conversion, which was instituted to eliminate $3 million of overdue dividend payments on the preferred shares, was valued at $13.6 million.
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