ST. PAUL, Minn., Jan. 29, 2016 /PRNewswire/ -- CHS Inc.
(NASDAQ: CHSCP, CHSCO, CHSCN, CHSCM, CHSCL) announced today it has
filed a registration statement on Form S-1 with the Securities and
Exchange Commission ("Commission") to register the issuance of
shares of the company's Class B Cumulative Redeemable
Preferred Stock, Series 1 (the "Class B Series 1 Preferred
Stock") which will be used to redeem approximately $75 million of its patrons' equities. CHS intends
to issue such shares of Class B Series 1 Preferred Stock to
non-individual "active patrons" who hold qualified capital equity
certificates in an amount equal to or greater than $500. "Active patrons" are non-individual patrons
who have done business with CHS in the past five fiscal years.
A registration statement relating to these securities has been
filed with the Securities and Exchange Commission but has not yet
become effective. These securities may not be sold nor may offers
to buy be accepted prior to the time the registration statement
becomes effective.
There will be no cash proceeds from the issuance of the
Class B Series 1 Preferred Stock. However, by issuing
shares of Class B Series 1 Preferred Stock in redemption of
patrons' equities, CHS will make available for other business
purposes cash that otherwise would be used to redeem those patrons'
equities.
Holders of the Class B Series 1 Preferred Stock are
entitled to receive cash dividends at the rate of $1.96875 per share per year, subject to the CHS
Board of Directors' discretion whether to approve the payment of
dividends from time to time. The Class B Series 1
Preferred Stock is subject to redemption and has the preferences
described in the prospectus included in the registration statement.
The redemption of equity with preferred stock will occur at the
market price and yield that will be outlined in the final
prospectus to be prepared following the SEC's declaration that the
S-1 is effective. The prospectus may be obtained from CHS, 5500
Cenex Drive, Inver Grove Heights,
Minnesota 55077, Attention: Theresa
Egan, Vice President, Accounting and Corporate Controller,
or by accessing the Securities and Exchange Commission's website at
www.sec.gov.
The Class B Series 1 Preferred Stock is traded on the
NASDAQ Global Select Market under the trading symbol "CHSCO."
CHS Inc. (www.chsinc.com) is a leading global agribusiness owned
by farmers, ranchers and cooperatives across the United States. Diversified in energy,
grains and foods, CHS is committed to helping its customers,
farmer-owners and other stakeholders grow their businesses through
its domestic and global operations. CHS, a Fortune 100 company,
supplies energy, crop nutrients, grain marketing services, animal
feed, food and food ingredients, along with business solutions
including insurance, financial and risk management services. The
company operates petroleum refineries/pipelines and manufactures,
markets and distributes Cenex® brand refined fuels,
lubricants, propane and renewable energy products.
This document contains, CHS publicly available documents may
contain, and CHS officers, directors and other representatives may
from time to time make, "forward–looking statements" within the
meaning of the safe harbor provisions of the U.S. Private
Securities Litigation Reform Act of 1995. Forward–looking
statements can be identified by words such as "anticipate,"
"intend," "plan," "goal," "seek," "believe," "project," "estimate,"
"expect," "strategy," "future," "likely," "may," "should," "will"
and similar references to future periods. Forward–looking
statements are neither historical facts nor assurances of future
performance. Instead, they are based only on CHS's current beliefs,
expectations and assumptions regarding the future of its
businesses, financial condition and results of operations, future
plans and strategies, projections, anticipated events and trends,
the economy and other future conditions. Because forward–looking
statements relate to the future, they are subject to inherent
uncertainties, risks and changes in circumstances that are
difficult to predict and many of which are outside of the control
of CHS. CHS's actual results and financial condition may differ
materially from those indicated in the forward–looking statements.
Therefore, you should not place undue reliance on any of these
forward–looking statements. Important factors that could cause
CHS's actual results and financial condition to differ materially
from those indicated in the forward–looking statements are
discussed or identified in CHS's public filings made with the U.S.
Securities and Exchange Commission, including in the "Risk Factors"
discussion in Item 1A of the CHS Annual Report on Form 10–K for the
fiscal year ended August
31, 2015.Anyforward–looking statements made by
CHS or its representatives in this document are based only on
information currently available to CHS and speak only as of the
date on which the statement is made. CHS undertakes no obligation
to publicly update any forward–looking statement, whether written
or oral, that may be made from time to time, whether as a result of
new information, future developments or otherwise, except as
required by applicable law.
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SOURCE CHS Inc.