CARLSBAD, Calif., Oct. 28, 2013 /PRNewswire/ -- Callaway Golf
Company (NYSE: ELY) (the "Company") today announced that the
Company intends to redeem all outstanding shares of its 7.50%
Series B Cumulative Perpetual Convertible Preferred Stock, par
value $0.01 per share (the "Preferred
Stock"), pursuant to the terms of the Amended and Restated
Certificate of Designations governing the Preferred Stock. The
anticipated redemption date is November 13,
2013.
"Retiring our preferred stock has been a priority for us and at
this point only 183,796 shares remain outstanding," commented
Brad Holiday, Senior Executive Vice
President and Chief Financial Officer. "Fortunately, our
turnaround is proceeding well and we are now in a good position to
retire the balance."
This press release does not constitute an offer to sell, or a
solicitation of an offer to buy, any securities, and shall not
constitute an offer, solicitation or sale in any state or
jurisdiction in which such offer, solicitation or sale would be
unlawful.
Forward-Looking Statements: This press release contains
forward-looking statements as defined under the Private Securities
Litigation Reform Act of 1995. These statements include
statements regarding the Company's intention to redeem the
Preferred Stock. These statements are based upon current
information and expectations and involve known and unknown risks,
uncertainties, assumptions and other factors, many of which are out
of the Company's control and difficult to forecast, including
changes in capital market conditions or economic conditions,
compliance with the covenants under the Company's line of credit
facility, or administrative difficulties in effecting the
redemption of the Preferred Stock, any of which may cause actual
results to differ materially from those that may be described or
implied. Readers are cautioned not to place undue reliance on
these forward-looking statements, which speak only as of the date
hereof. The Company undertakes no obligation to publish
revised forward-looking statements to reflect events or
circumstances after the date hereof or to reflect the occurrence of
unanticipated events.
About Callaway Golf
Through an unwavering commitment to innovation, Callaway Golf
Company (NYSE:ELY) creates products designed to make every golfer a
better golfer. Callaway Golf Company manufactures and sells
golf clubs and golf balls, and sells golf accessories under the
Callaway Golf® and Odyssey® brands worldwide. For more
information please visit www.callawaygolf.com or
shop.callawaygolf.com.
Contacts:
|
Brad
Holiday
|
|
Patrick
Burke
|
|
(760)
931-1771
|
(Logo: http://photos.prnewswire.com/prnh/20091203/CGLOGO)
SOURCE Callaway Golf