Stanley Black & Decker, Inc. to Redeem Its Series C Cumulative Perpetual Convertible Preferred Stock

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Apr 28, 2021, 06:05 ET

NEW BRITAIN, Conn., April 28, 2021 /PRNewswire/ -- Stanley Black & Decker, Inc. (NYSE: SWK) ("Stanley") today announced that it has elected to redeem all its outstanding Series C Cumulative Perpetual Convertible Preferred Stock (CUSIP No. 854502 853), no par value, with liquidation preference $1,000 per share (the "Convertible Preferred Stock") and that:

(A)       the redemption date will be June 3, 2021;
(B)       the redemption price will be $1,002.50 per share of the Convertible Preferred Stock payable in cash (which is equal to 100% of the liquidation preference of a share of the Convertible Preferred Stock plus accumulated and unpaid dividends to, but excluding, the redemption date);
(C)       if a holder elects to convert such holder's shares of the Convertible Preferred Stock prior to the redemption date, the settlement method of the Convertible Preferred Stock will be combination settlement with the specified dollar amount of $1,000;
(D)       the name and address of the paying agent and the conversion agent are:
            Computershare Inc.
            480 Washington Blvd., Floor 29
            Jersey City, NJ 07310
            Attn: Corporate Actions Relationship Manager
(E)       shares of the Convertible Preferred Stock called for redemption may be converted pursuant to Section 3C(9) of Stanley's Restated Certificate of Incorporation, as amended, at any time before 5:00 p.m., New York City time, on June 2, 2021 (which is the Business Day immediately preceding the redemption date);
(F)        all shares of the Convertible Preferred Stock outstanding as of the redemption date will be redeemed by Stanley; and
(G)       unless Stanley defaults in making payment of the redemption price, dividends in respect of the shares of Convertible Preferred Stock called for redemption will cease to accumulate on and after the redemption date.

About Stanley Black & Decker

Stanley Black & Decker, an S&P 500 company, is a leading $14.5 billion global diversified industrial with 53,000 employees in more than 60 countries. The Company operates the world's largest tools and storage business; the world's second largest commercial electronic security company; and is a global industrial leader of highly engineered solutions within its engineered fastening and infrastructure businesses.

Forward-looking statements in this press release speak only as of the date hereof, and forward-looking statements in documents attached that are incorporated by reference speak only as of the date of those documents. Stanley does not undertake any obligation to update or release any revisions to any forward-looking statement or to report any events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except as required by law.

Investor Contacts:

Dennis Lange
Vice President, Investor Relations
[email protected]
(860) 827-3833

Cort Kaufman
Director, Investor Relations
[email protected]
(860) 515-2741

Christina Francis
Director, Investor Relations
[email protected]
(860) 438-3470

Media Contacts:

Shannon Lapierre
Vice President, Communications & Public Relations
[email protected]
(860) 827-3575

SOURCE Stanley Black & Decker