CUC International Inc. completes convertible note offering.STAMFORD, CT.--(BUSINESS WIRE)--February 12, 1997--CUC International Inc. (NYSE NYSE See: New York Stock Exchange : CU) announced today that it has completed the sale of $550 million principal amount of its 3% Convertible Subordinated Notes due February 15, 2002. $100 million principal amount of the Notes represents the exercise of the initial purchasers' over-allotment option. The offering was made to qualified institutional buyers and a limited number of institutional accredited investors, 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. in offshore transactions exempt from registration under U.S. federal securities laws. The initial purchasers of the Notes were Goldman, Sachs & Co.; Morgan Stanley  To comply with Wikipedia's , the introduction of this article needs a complete rewrite. & Co. Incorporated; Allen & Company Incorporated; Alex Brown Alex Brown may refer to:
The Company intends to use the approximately $542.1 million of 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). from the sale of the Notes for general corporate purposes, including to finance potential business acquisitions and strategic alliances that complement the Company's businesses and implement its growth strategy. The Notes are convertible into shares of the Company's common stock after May 12, 1997, and prior to February 15, 2002, at a conversion price of $30.625 per share which represents a premium of 25 percent to the share price of CUC CUC Cuban Convertible Peso (ISO currency code) CUC Columbia Union College (Takoma Park, MD, USA) CUC Canadian Unitarian Council CUC Canadian Ultimate Championships common stock based on the February 5, 1997 closing price of $24.50. After giving effect to the full conversion of the Notes and the issuance of up to 17,959,184 shares of CUC common stock upon such conversion, this would represent approximately four percent of the Company's current outstanding common stock. Such conversion rate is subject to adjustment in certain circumstances. CUC International is a leading technology-driven, membership-based consumer services company that currently provides more than 63.8 million consumers worldwide with access to home, shopping, travel, insurance, automobile, dining, home improvement, lifestyle clubs, checking account enhancement, and discount coupon programs. The Company also provides educational and entertainment interactive media products. CONTACT: Laura P. Hamilton Vice President, Investor Relations Investor relations The process by which the corporation communicates with its investors. (203) 965-5114 |
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