ARS announces proposed convertible subordinated notes.HOUSTON--(BUSINESS WIRE)--March 4, 1997--American Residential Services Inc. (NYSE NYSE See: New York Stock Exchange :ARS) today announced that it intends to raise up to $75 million through a private placement of convertible subordinated notes. The notes will be unsecured obligations and convertible into ARS common stock at terms to be determined. The placement of the notes is expected to close early in the company's second quarter. The notes will be offered and sold only to qualified institutional buyers in reliance on Rule 144A Rule 144A A Securities & Exchange Commission rule modifying a two-year holding period requirement on privately placed securities to permit qualified institutional buyers to trade these positions among themselves. and outside the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. to certain persons in off-shore transactions in reliance on Regulation S under the Securities Act of 1933. The offering and sale of the notes will not be registered under the Securities Act of 1933 or any state securities or blue sky laws blue sky laws n. laws intended to protect the public from purchasing stock in fraudulent companies that lack substance, such as those selling swamp land, non-existent gold strikes and dry oil wells, or who have no assets besides a post office box. and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy the notes. The company intends to use the net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). of the offering to repay bank indebtedness incurred in connection with acquisitions, the funding of potential future acquisitions and for general corporate purposes. CONTACT: American Residential Services Inc., Houston Jennifer L. Tweeton, 713/599-9015 |
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