Dayton Superior Reports Public Offering of Convertible Trust Preferred Securities.DAYTON, Ohio--(BUSINESS WIRE)--Oct. 1, 1999-- Dayton Superior (NYSE NYSE See: New York Stock Exchange :DSD (Direct Stream Digital) See SACD. ) reported its public offering of 1,062,500 convertible trust preferred securities at a price of $20 per security. The offering is being underwritten by Robert W. Baird Robert Wilson Baird (born April 1, 1883) helped found the financial services firm that bears his name and led it for more than 40 years. Baird’s father was a professor of Greek literature at Northwestern University in Evanston, Illinois, where Baird grew up. & Co. Incorporated, Legg Mason Wood Walker Incorporated and McDonald Investments Inc., with Baird as the lead manager. The securities are being issued by a limited purpose Delaware business trust which will use the proceeds to purchase from Dayton Superior the same principal amount of Dayton Superior's convertible junior subordinated debentures. Distributions are payable on the trust preferred securities at the rate of 10% per annum Per annum Yearly. , and the securities are convertible into Dayton Superior Class A Common Shares at the rate of 0.80 common shares for each preferred security, which equates to a conversion price of $25 per common share, a 47% premium on yesterday's closing price. 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). of the sale of the debentures to the trust will be used by the company to pay borrowings under its revolving credit Revolving Credit A line of credit where the customer pays a commitment fee and is then allowed to use the funds when they are needed. It is usually used for operating purposes, fluctuating each month depending on the customers current cash flow needs. facility. This communication shall not constitute an offer to sell or the solicitation of an offer to buy these securities nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. A written prospectus meeting the requirements of Section 10 of the Securities Act may be obtained from Dayton Superior by contacting Alan F. McIlroy, Dayton Superior Corporation, 7777 Washington Village Drive, Suite 130, Dayton, OH 45459; fax (937) 428-9115. Dayton Superior Corporation is the largest North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. manufacturer and distributor of metal accessories and forms used in concrete construction and metal accessories used in masonry construction and has an expanding construction chemicals business. The Company's products, which are marketed under the Dayton/Richmond(R), Symons(R), American Highway Technology(R) and Dur-O-Wal(R) names, among others, are used primarily in two segments of the construction industry: non-residential buildings and infrastructure construction projects. |
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