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This excerpt taken from the NDAQ 10-K filed Mar 15, 2006. Redemption of Series C Preferred Stock
On February 15, 2006, we redeemed all outstanding shares of our Series C Cumulative Preferred Stock. We were required to redeem the Series C after the closing of our public offering of common stock, which took place on the same date. At the time of redemption, the Series C accrued dividends at an annual rate of 3.0%, which would have increased to 10.6% after July 1, 2006. The total redemption price was $104.7 million, which included accrued and unpaid dividends and a make-whole premium. We paid this entire amount to NASD, which was the sole holder of the Series C. As a result of the redemption, we are no longer bound by covenants contained in the Exchange Agreement between us and the NASD dated November 29, 2004. These covenants generally required us to obtain NASD’s consent before we could incur specified debt obligations or transfer assets. NASD will remain our controlling shareholder until we become operational as an exchange.
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