KINDER MORGAN,INC. (NYSE:KMI-A) Files An 8-K Other EventsItem 8.01. Other Events.
On October26, 2018, all outstanding shares of Kinder Morgan,Inc.’s (the “Company”) 9.75% SeriesA Mandatory Convertible Preferred Stock (the “preferred stock”) will convert at a mandatory conversion rate of 36.2840 shares of the Company’s common stock per share of preferred stock (or 1.8142 shares of common stock per depository share, each of which represents a 1/20th interest in one share of preferred stock (NYSE: KMI.PRA) (the “depositary shares”). Cash will be paid in lieu of fractional shares of common stock. No action by holders of the depositary shares is required in connection with the conversion. Holders of depositary shares will be treated as record holders of Company common stock as of the close of business on October26, 2018.
The conversion of the outstanding preferred stock will result in the issuance of approximately 58 million shares of the Company’s common stock on October26, 2018.
The final dividend on the preferred stock will be paid on October26, 2018 to holders of record as of October11, 2018. As announced by the Company on October17, 2018, the Company’s Board of Directors approved a cash dividend of $0.20 per share of common stock to be paid on November15, 2018 to holders of record of common stock as of October31, 2018. Holders of record of depositary shares as of October11, 2018 who remain holders of record of common stock as of October31, 2018 will receive both dividends.