Consolidated Stainless issues $2.5 million of convertible subordinated debentures.ORLANDO, Fla.--(BUSINESS WIRE)--Oct. 29, 1996--Consolidated Stainless Inc. (NASDAQ/NMS:PIPE) Tuesday announced that it has issued $2.5 million of convertible subordinated debentures subordinated debenture An unsecured bond with a claim to assets that is subordinate to all existing and future debt. Thus, in the event that the issuer encounters financial difficulties and must be liquidated, all other claims must be satisfied before to a leading financial institution. The debentures are convertible into common stock of the company at $6.09 per share at any time during the debentures' ten year term. "This additional financing will enable us to offset some of the initial start-up costs the company has incurred with the new ornamental tube mill and buttweld fittings divisions this year," stated Ronald J. Adams
Consolidated Stainless Inc. manufactures stainless steel stainless steel: see steel. stainless steel Any of a family of alloy steels usually containing 10–30% chromium. The presence of chromium, together with low carbon content, gives remarkable resistance to corrosion and heat. pipe, flanges and nipples and supplies a broad line of stainless and exotic alloy pipe, valves and fittings (PVF PVF Polyvinylidene Fluoride PVF Pipe, Valves and Fittings PVF Poly-Vinyl Fluoride PVF Present Value Factor PVf Peso Vivo Final (Portugese) PVF Prepaid Variable Forward (equity trading strategy) ) and related products through its distribution network. The company's customers include original equipment manufacturers, commercial and industrial end-users and other distributors throughout 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. and Canada. Headquartered in Orlando, Consolidated's primary production facilities are located in Auburndale and Lakeland, Fla. and Houston. The company operates seven distribution/service centers in Florida (3), California, Georgia, Illinois and Texas. Common stock in Consolidated Stainless Inc. is traded on NASDAQ's National Market System under the symbol "PIPE." CONTACT: Consolidated Stainless Inc., Orlando Ronald J. Adams, President, 407/896-4000 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion