CHAMPION INTERNATIONAL CORPORATION AGREES TO PURCHASE TWO MILLION SHARES OF COMMON STOCK FROM LOEWS CORPORATION AND CALLS FOR REDEMPTION 6 1/2% CONVERTIBLE SUBORDINATED DEBENTURES DUE APRIL 15, 2011.STAMFORD, Conn.--(BUSINESS WIRE)--June 27, 1995--Champion International Corporation announced today the proposed sale of 5,000,000 shares of its outstanding common stock by Loews Corporation, as selling shareholder, at a price to the public of $52.45 per share. The stock will be offered for sale through Goldman, Sachs & Co., as underwriters. Loews Corporation also has granted the underwriters an over-allotment option to purchase up to an additional 500,000 shares. Of the shares being sold by Loews Corporation, Champion has agreed to purchase 2,000,000 shares at the public offering price. Champion will not receive any proceeds from the sale of the shares by Loews Corporation. Copies of the prospectus relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the shares being sold on behalf of Loews Corporation may be obtained from Goldman, Sachs & Co., 85 Broad Street, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , New York. Separately, Champion also announced that it has called all of its 6 1/2% Convertible Subordinated Debentures Due April 15, 2011 for redemption on August 8, 1995 at the price of 100.65% of their principal amount plus 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. to the redemption date Redemption date The date on which a bond matures or is redeemed. redemption date The date on which a debt security is scheduled to be redeemed by the issuer. The redemption date is the scheduled maturity date or, if applicable, a call date. . The Debentures are convertible at any time until the close of business on the redemption date at the rate of 28.777 shares of the company's common stock for each $1,000 principal amount of Debentures, which is equivalent to a conversion price of $34.75 per share. The closing sale price of a share of the company's common stock on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. on June 26, 1995 was $53.625. Details regarding the call, including the Notice of Redemption and Letter of Transmittal Letter of Transmittal A document used by security holder to accompany certificates surrendered in an exchange or other corporate action. for use in converting or redeeming the Debentures, will be mailed to all holders of record by The Fifth Third Bank, Cincinnati, Ohio “Cincinnati” redirects here. For other uses, see Cincinnati (disambiguation). Cincinnati is a city in the U.S. state of Ohio and the county seat of Hamilton County. , which is the Trustee of the issue. Page 2/Champion Agrees to Purchase Two Million Shares of Common Stock and Calls for Redemption of 6 1/2% Convertible Subordinated Debentures Champion is one of America's leading manufacturers of paper for business communications, commercial printing, publications, and newspapers. Headquartered in Stamford, Connecticut, the company owns or manages more than five million acres of forestlands in the United States and is also a major manufacturer of market pulp, plywood, and lumber. CONTACT: Mary E. Green (203) 358-7900 |
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