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Universal to Sell Convertibles

TSC and IRIS Staff

Tobacco buyer and packager Universal Corp. (UVV Quote) said it has made a public offer of $200 million of convertible perpetual preferred stock with a liquidation preference of $1,000 a share.

Universal Corp. intends to use the money to repay its outstanding debt, the company said.

The stock closed at $39.50, up 54 cents Tuesday.