Prime Capital Corp. completes private sale of its debt and equity securities to a unit of Banc One Corp. for up to $10 million.ROSEMONT, Ill.--(BUSINESS WIRE)--Oct. 7, 1996--Prime Capital Corp. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :PMCP PMCP Programming Metadata Communication Protocol (Digital Broadcast Television) PMCP Parameterized Model Checking Problem PMCP Project Management Certification Program PMCP Productivity and Morale Construction Program ) Monday announced that it completed the private sale of $5.0 million principal amount of five-year, 12.5 percent subordinated debentures and $2.5 million of 9 percent preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. to Banc One Capital Corp. (BOCC BOCC Board of County Commissioners BOCC Budget Object Classification Code BOCC Backward Optimistic-oriented Concurrency Control BOCC Branch Officer Candidate Course ), a subsidiary of Banc One Corp., Columbus, Ohio Columbus is the capital and the largest city of the American state of Ohio. Named for explorer Christopher Columbus, the city was founded in 1812 at the confluence of the Scioto and Olentangy rivers, and assumed the functions of state capital in 1816. . In addition, BOCC has agreed to purchase up to an additional $2.5 million of Prime Capital's five-year, 12.5 percent subordinated debentures during the next two years. As part of the transaction, BOCC also received warrants to purchase up to 12 percent of Prime Capital's common stock, depending on the total amount of subordinated debentures purchased by BOCC. "This additional capital will allow us to continue to implement our plan for growth," said James A. Friedman, chairman and chief executive officer of Prime Capital. "We welcome this new strategic alliance with Banc One, one of the largest, most innovative and respected financial institutions in the country, and look forward to a mutually beneficial Adj. 1. mutually beneficial - mutually dependent interdependent, mutualist dependent - relying on or requiring a person or thing for support, supply, or what is needed; "dependent children"; "dependent on moisture" relationship," he added. Prime Capital, with headquarters in Rosemont, is one of the nation's largest independent, publicly held providers of capital and specialty finance services to health-care and other industries. Directly, or through private label vendor programs with leading manufacturers, Prime has facilitated the acquisition of more than $1.5 billion of equipment by its clients, including major medical centers, hospitals, free-standing clinics, laboratories, Fortune 1000 corporations and major firms in the hospitality and manufacturing industries. Prime serves clients nationally through its headquarters and seven regional offices. CONTACT: Prime Capital Corp., Rosemont Robert C. Benson, 847/294-6013 or Neil G. Berkman Associates, Los Angeles 310/277-5162 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion