Colgate to Redeem $10.3 Million
May 29 2003 - 3:00AM
UK Regulatory
Colgate to Redeem $10.3 Million in $4.25 Preferred Stock
NEW YORK, May 28, 2003 -- As part of its ongoing
strategy for efficient capital management and balance sheet simplification,
Colgate-Palmolive Company (NYSE: CL) today announced that on June 30, 2003 it
will redeem all outstanding shares of its $4.25 Preferred Stock, without par
value, at the stated redemption price of $100 per share. Currently, there are
103,160 shares of $4.25 Preferred Stock outstanding, for a total redemption
value of $10,316,000.
Reuben Mark, Colgate's Chairman and CEO said, "We are pleased that Colgate
and our shareholders will both benefit from this redemption. Historically low
interest rates make it economically attractive to redeem the $4.25 Preferred
Stock with expected net present value savings at over $2 million. At the same
time, the redemption price provides shareholders a premium of about 5% over
the share price on May 27, 2003."
As previously announced, a dividend of $1.0625 per share of $4.25
Preferred Stock will be paid on June 30, 2003 to holders of record on June 16,
2003. EquiServe Trust Company, N.A., 150 Royall Street, Canton, MA, 02021,
will act as redemption agent. Official notice of the redemption, together with
instructions for redeeming shares will be sent shortly to all holders.
* * *
About Colgate-Palmolive: Colgate-Palmolive is a leading global consumer
products company, tightly focused on Oral Care, Personal Care, Household
Surface Care, Fabric Care and Pet Nutrition. Colgate sells its products in
over 200 countries and territories around the world under such internationally
recognized brand names as Colgate, Palmolive, Mennen, Softsoap, Irish Spring,
Protex, Sorriso, Kolynos, Ajax, Axion, Soupline, Suavitel and Fab, as well as
Hill's Science Diet and Hill's Prescription Diet pet foods. For more
information about Colgate's global business, visit the Company's web site on
the internet at www.colgate.com.
This press release (other than historical information) may contain
forward-looking statements. Actual events or results may differ materially
from those statements. Investors should consult the Company's filings with
the Securities and Exchange Commission (including the Company's Form 10-K for
the year ended December 31, 2002 under the caption "Cautionary Statement on
Forward-Looking Statements") for information about factors that could cause
such differences. Copies of these filings may be obtained upon request from
the Company's Investor Relations Department or the Company's web site on the
internet at www.colgate.com.
SOURCE Colgate-Palmolive Company
-0- 05/28/2003
/CONTACT: Bina Thompson, +1-212-310-3072, Hope Spiller, +1-212-310-2291,
both of Colgate-Palmolive Company/
/Web site: http://www.colgate.com /
(CL)
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