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Kinder Morgan, 9.75% Dep Shares Series A Mand Conv Preferred Stock 10/26/2018
Ticker Symbol: KMI-A* CUSIP: 49456B200 Exchange: NYSE
* NOTE: This security is no longer trading as of 10/26/2018
QUANTUMONLINE.COM SECURITY DESCRIPTION: Kinder Morgan, Inc., 9.75% Depositary Shares each representing a 1/20th interest in a share of Series A Mandatory Convertible Preferred Stock, liquidation preference $50 per depositary share. The preferred shares are mandatorily convertible on 10/26/2018 into a variable number of Kinder Morgan, Inc. (NYSE: KMI) common shares based on the then current price of the common shares for 20 consecutive trading days immediately prior to the conversion date. The conversion settlement rate will be 1.5440 depositary shares per unit if the then current market price is equal to or greater than $32.38 and 1.8142 depositary shares per unit if the market price is equal to or less than $27.56. For market prices between those values the settlement rate will be $50 divided by the market value. The last reported sale price of the common stock on 10/26/2015 was $27.56 per share. The preferred shares are convertible any time at the holder’s option into 1.5440 depositary shares of common stock. Distributions of 9.75% per annum ($4.875 per annum or $1.21875 per quarter) will be paid quarterly on 1/26, 4/26, 7/26 & 10/26 to holders of record on the record date that will be 1/11, 4/11, 7/11 & 10/11 respectively (NOTE: the ex-dividend date is one business day prior to the record date). If a Fundamental Change occurs on or before 10/26/2018, holders of the Preferred Stock will have the right to convert shares, in whole or in part, into common stock at the Fundamental Change Conversion Rate and will also receive a Fundamental Change Dividend Make-whole Amount (see prospectus for further information). Dividends paid by this preferred are eligible for a preferential income tax rate of 15% to a maximum of 20% depending on the holder's tax bracket (and under normal holding restrictions) and are also eligible for the dividends received deduction for corporate holders (see page S-55 of the prospectus for further information). This security was not rated by Moody’s or S&P at the time of its IPO. In regard to the payment of dividends and upon liquidation, the preferred shares rank junior to the company's senior debt, equally with other preferreds of the company, and senior to the common shares of the company. See the IPO prospectus for further information on the mandatory convertible preferred stock and their mandatory conversion provisions by clicking on the ‘Link to IPO Prospectus’ provided below.
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Stock Exchange |
Cpn Rate Ann Amt |
LiqPref CallPrice |
Call Date Matur Date |
Moodys/S&P Dated |
Conversion Shares@Price |
Distribution Dates |
15% Tax Rate |
NYSE
Chart
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9.75%
$4.875
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$50.00
N/A
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10/26/2018
10/26/2018
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NR NR
1/02/2018
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1.5440@$32.38+
1.8142@$27.56-
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1/26, 4/26, 7/26 & 10/26
Click for MW ExDiv Date
Click for Yahoo ExDiv Date
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YES
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Go to Parent Company's Record (KMI)
IPO - 10/26/2015 - 32.00 Million Shares @ $50.00/share.
Link to IPO Prospectus
Previous Ticker Symbol: KMGNP Changed: 11/04/2015
Market Value $1.6 Billion
Company's Online Information Links
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Company's Online SEC EDGAR Filings |
Company's Email Address Links |
Address and Phone Numbers |
Address: 1001 Louisiana Street, Suite 1000, Houston, TX 77002 |
Main Phone Number |
713-369-9000 |
Fax Number |
713-495-2817 |
Investor Relations
Miguel Garcia
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713-369-9490
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Toll Free Phone Number |
800-324-2900 |
CEO - Steven J. Kean |
CFO - Kimberly A. Dang |
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