FEDERAL PAPER BOARD <FBO> TO SELL PREFERRED
Federal Paper Board Co said its
board has approved the issuance of 140 mln dlrs of convertible
preferred stock, with proceeds to be used to redeem on June 15
its 125 mln dlrs in 13 pct subordinated debentures.
    The company also said it has completed the redemption of
2.3125 dlr convertible exchangeable preferred stock, most of
which was converted into common instead of being redeemed.
 Reuter
