MCI WorldCom Announces Redemption Ofseries C Convertible Preferred Stock
MCI WorldCom, Inc. (Nasdaq: WCOM, WCOMP) today announced that
it has elected to redeem on January 14, 2000 (the "Redemption
Date"), all outstanding shares of its Series C $2.25 Cumulative
Convertible Exchangeable Preferred Stock (the "Series C Preferred
Stock"). On December 8, 1999, there were outstanding 3,750,000
shares of Series C Preferred Stock.
On the Redemption Date, each share of Series C Preferred Stock will
be redeemed for $50.75, plus accrued and unpaid dividends of $0.55625
per share. The right of holders of Series C Preferred Stock to convert,
at their option, all or a portion of such shares into shares of MCI
WorldCom Common Stock (at the rate of 0.2851115 shares of MCI WorldCom
Common Stock for each share of Series C Preferred Stock or, effective
as of the close of business on December 15, the record date for the
recently announced 3-for-2 stock split, at the rate of 0.4276794
shares) will terminate at 5:00 p.m. EST on January 11, 2000. In order
to accommodate conversions, the Receive and Deliver Window of the
Reorganization & Redemption Department of The Bank of New York, as
the Redemption and Conversion Agent, will be open from 9:00 a.m. to
5:00 p.m. EST on or before January 11, 2000 on normal business
days.
From and after the Redemption Date, (i) dividends on the Series C
Preferred Stock will cease to accrue, and (ii) the Series C Preferred
Stock will no longer be deemed to be outstanding.
The Redemption Price will, in lieu of receipt of a dividend on the
dividend payment date, include accrued and unpaid dividends of $0.55625
per share.
The Company is sending a notice of redemption to the registered
holders of the Series C Preferred Stock. Holders of the Series C
Preferred Stock should surrender their certificates to The Bank of New
York, as Depositary and Redemption Agent, at the following address:
By Hand or Overnight Delivery:
The Bank of New York Reorganization & Redemption Dept. 101
Barclay Street Receive & Deliver Window New York, NY 10286
By Mail:
The Bank of New York Reorganization & Redemption Dept. P.O. Box
11248 Church Street Station New York, NY 10286
All inquiries concerning this notice should be directed to the
Investor Relations Department of MCI WorldCom, at 500 Clinton Center
Drive, Clinton, Mississippi 39056 (1-800-780-6378).
MCI WorldCom (NASDAQ: WCOM) is a global leader in communications
services with 1998 revenues of more than $30 billion and operations in
more than 65 countries. MCI WorldCom's global networks provide
high-capacity connectivity to more than 45,000 buildings worldwide. MCI
WorldCom and Sprint have announced a merger agreement, which the
companies expect to close in the second half of 2000, following
regulatory and shareholder approvals. The new company will be called
WorldCom. For more information go to http://www.wcom.com.