Fedders Corp said an offering of1,500,000 shares of 1.75 dlr convertible exchangeable preferred
stock is under way at 25 dlrs per share through underwriters
led by Bear Stearns Cos Inc &lt;BSC>.
    The preferred is convertible at any time into common stock
at 9.50 dlrs a share and is exchangeable after two years at
Fedders' option for seven pct convertible subordinated
debentures due 2012.
 Reuter
