Converse issues $70 million of convertible subordinated notes.NORTH READING, Mass.--(BUSINESS WIRE)--May 16, 1997--Converse Inc. (NYSE NYSE See: New York Stock Exchange :CVE (Common Vulnerabilities and Exposures) A list of information security exposures and vulnerabilities sponsored by US-CERT and maintained by the MITRE Corporation. ) announced today that it has agreed with a group of underwriters to the sale and public offering of $70 million aggregate principal amount of 7% Convertible Subordinated Notes due June 1, 2004. This is an increase of $10 million over the previously announced principal amount of the offering. The Notes will be convertible into shares of common stock at a conversion price of $21.83 per share. The underwriters have been granted an over-allotment option to purchase up to an additional $10 million principal amount of the Notes. 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). from the sale of the Notes will be applied to the repayment of debt. The underwriters for the offering are Smith Barney Smith Barney is a division of Citigroup Global Capital Markets Inc., a global, full-service financial firm, that provides brokerage, investment banking and asset management services to corporations, governments and individuals around the world. Inc., Dillon, Read & Co. Inc., Donaldson, Lufkin & Jenrette Securities Corporation and Goldman, Sachs & Co. Converse Inc. is a leading global designer, manufacturer and marketer of high quality athletic footwear for men, women and children. The Company is also a global licensor of sports apparel, accessories and selected footwear. The Company's products are distributed in over 90 countries through specialty athletic, sporting goods Noun 1. sporting goods - sports equipment sold as a commodity commodity, trade good, good - articles of commerce sports equipment - equipment needed to participate in a particular sport , department and shoe stores. CONTACT: Converse Inc., North Reading Investor Contact: Donald J. Camacho Chief Financial Officer 508/664-1100 or Morgen-Walke Associates, 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 Christine DiSanto/Jim Cappuccio 212/850-5600 or Media Contact: Jennifer Murray V.P. Marketing Communications 508/664-1100 or Morgen-Walke Associates Stacy Berns/Jeff Siegel 212/850-5600 |
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