General Motors Co. (NYSE: GM) announced today that it has redeemed all 156.1 million outstanding shares of its Series A Preferred Stock from the UAW Retiree Medical Benefits Trust (UAW VEBA) and Canada Gen Investment Corporation for an aggregate liquidation amount of $3.9 billion, including accumulated dividends.
The shares had a liquidation preference of $25 per share and accrued cumulative dividends at a rate equal to 9 percent annually.
In association with the redemption of the shares, a reduction in net income attributable to common stockholders of approximately $0.8 billion will be recorded in the fourth quarter of 2014, which will be treated as a special item.
