Anyone know why PRI spiked today? It makes no sense and I wonder if it is an erroneous print. Thanks.
Do you believe this could have spiked it? I still believe it is erroneous. Cox Communications, Inc. Announces Redemption Date for All Remaining Outstanding Prizes and Premium Phones FRIDAY, APRIL 23, 2004 4:45 PM - BusinessWire ATLANTA, Apr 23, 2004 (BUSINESS WIRE) -- Cox Communications, Inc. (COX) will redeem all remaining outstanding Exchangeable Subordinated Debentures due 2029 (CUSIP No. 224044 503) ("PRIZES") and all remaining outstanding 3% Exchangeable Subordinated Debentures due 2030 (CUSIP No. 224044 AW7)("Premium PHONES") in accordance with the terms of the instruments governing such securities on Monday, June 7, 2004 (the "Redemption Date"). Each of the remaining outstanding 164,424 PRIZES has an original principal amount of $88.50, and each of the remaining outstanding 107 Premium PHONES has an original principal amount of $1,000. Cox currently expects the redemption price it will be required to pay to holders of the PRIZES and Premium PHONES pursuant to the respective governing instruments will be the original principal amount for each security, plus accrued and unpaid interest. The redemption price is dependent, in part, upon the market value of the referenced shares associated with these securities, as described further below, and on or about May 29, 2004, five business days prior to the Redemption Date, Cox will provide more information regarding the actual redemption price to be paid to holders of PRIZES and Premium PHONES on the Redemption Date. With respect to the PRIZES, Cox will pay a quarterly interest payment on May 15, 2004, to holders of record as of May 1, 2004, at the rate of $0.4425 per PRIZES. There is no interest payment date with respect to the Premium PHONES prior to the Redemption Date. The PRIZES are listed on the New York Stock Exchange under the symbol "PRI". The Premium PHONES are not listed on any stock exchange nor quoted on any automated dealer quotation system. The PRIZES are exchangeable for cash based on the market value of certain reference shares, which as a result of the Sprint recombination transaction described below, is one (1) share of Sprint common stock (FON) . Holders may tender PRIZES for exchange at any time prior to Noon eastern time on the Redemption Date. In accordance with supplemental indenture governing the Premium PHONES, the Premium PHONES are no longer exchangeable. Sprint Corporation has authorized the elimination of its PCS tracking stock by mandating the exchange of its PCS shares for shares of its FON common stock, effective as of April 23, 2004. Sprint also has announced a regular cash dividend payable to all record holders of its FON common stock as of June 9, 2004. Since the Sprint record date is after the Redemption Date, the redemption price paid by Cox for the remaining outstanding PRIZES and Premium PHONES will not include any amounts attributable to the regular cash dividend declared on the Sprint FON common stock.