EPPICSEquity Providing Preferred Income Convertible Securities
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The annual dividend of $1 per share represents a pay out of approximately 73% of expected free cash flow for 2004 excluding such charges and assuming conversion of all of the company's equity units and EPPICS (which would result in a total of approximately 338 million common shares outstanding, using the mid-point of the range of the conversion price of the equity units).
The EPPICS are rated based on their subordination to all senior indebtedness of Citizens.
Citizens has used a significant portion of 1995 cash flow, the proceeds of an equity offering, and plans to use the proceeds from the issuance of equity-like securities, EPPICS, to reduce short-term debt issued to partially and temporarily finance Citizens' expansion of its telecommunications operations.