Alliance Northwest Industries Inc. announces recapitalization of Seattle Lighting.SEATTLE--(BUSINESS WIRE)--Jan. 17, 1995--Alliance Northwest Industries Inc. today announced plans to recapitalize its principal subsidiary, Seattle Lighting Fixture Co. An agreement-in-principle has been reached with Hancock Park Capital, L.P., and Baker Fentress and Co. to purchase $1 million of convertible preferred stock Convertible Preferred Stock Preferred stock that includes an option for the holder to convert the preferred shares into a fixed number of common shares, usually anytime after a predetermined date. Also known as "convertible preferred shares". and convert approximately $10.6 million in subordinated debt Subordinated Debt A loan (or security) that ranks below other loans (or securities) with regard to claims on assets or earnings. Also known as "junior security" or "subordinated loan". and accrued interest Accrued Interest The interest that has accumulated on a bond since the last interest payment up to but not including the settlement date. There are two methods for calculating accrued interest: 1) 360-day year method, used for corporate and municipal bonds. into preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. of Alliance. James Scarborough, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Seattle Lighting, said, "This recapitalization strengthens our ability to serve our retail, builder and commercial customers throughout the Northwest. We look forward to exciting opportunities in 1995 and we appreciate the continued support of our investors, shareholders, customers, suppliers and employees." The recapitalization is subject to certain conditions, including the negotiation and execution of definitive agreements. The refinancing will be completed as quickly as possible. Seattle Lighting Fixture Co. is a leading retailer and wholesaler of lighting fixtures and related products in the Pacific Northwest, serving consumers, builders and commercial customers through 13 convenient locations. CONTACT: Alliance Northwest Industries Inc., Seattle Elaine P. Scherba, 206/622-1962 206/682-5939 (fax) |
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