Cooper Tire announces public debt offering.FINDLAY, Ohio--(BUSINESS WIRE)--March 21, 1997--Cooper Tire & Rubber Company (NYSE NYSE See: New York Stock Exchange :CTB CTB Council Tax Benefit (UK) CTB Coopération Technique Belge (French: Belgian Technical Cooperation) CTB Commonwealth Transportation Board (Virginia Department of Transportation) ) announced late yesterday it had priced a $200 million public offering of 30-year Notes. The Notes, due March 15, 2027, were priced to yield 7.72% and will pay a coupon of 7.625%. The issue has been rated "A-1" by Moody's and "A+" by Standard & Poors. This is the company's first public issue of debt. The issue was underwritten by Merrill Lynch Merrill Lynch & Co., Inc. (NYSE: MER TYO: 8675 ), through its subsidiaries and affiliates, provides capital markets services, investment banking and advisory services, wealth management, asset management, insurance, banking and related products and services on a global basis. & Co. and a prospectus may be obtained from Merrill Lynch & Co. The offering is expected to close on March 25, 1997. Proceeds from the sale of the Notes will be used to retire the company's outstanding commercial paper indebtedness INDEBTEDNESS. The state, of being in debt, without regard to the ability or inability of the party to pay the same. See 1 Story, Eq. 343; 2 Hill. Ab. 421. 2. , a portion of which was incurred in conjunction with the acquisition of the tire operations of Avon Rubber Avon Rubber plc is a world-leading manufacturer of high technology rubber-based products, principally components for a number of manufacturing sectors. Its largest divisions, namely Avon Technical Products, Avon Protection Systems and Milk-Rite produce equipment and components for p.l.c. The acquisition was completed on March 14, 1997. The total purchase price was approximately $110 million. Cooper Tire & Rubber Company manufactures and markets products for the transportation industry including automotive and truck tires, inner tubes, vibration control products, hoses and hose assemblies and automotive sealing systems. The company markets its products nationally and internationally through well-established channels of distribution. Sales in 1996 were $1.6 billion. CONTACT: Cooper Tire & Rubber Company J. Alec Reinhardt, 419/423-1321 |
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