STANDARD COMMERCIAL SELLS $60,000,000 OF CONVERTIBLE SUBORDINATED DEBENTURES
STANDARD COMMERCIAL SELLS $60,000,000 OF
CONVERTIBLE SUBORDINATED DEBENTURES
WILSON, N.C., Nov. 5 /PRNewswire/ -- Standard Commercial Corporation (NYSE: STW) has sold $60 million of Convertible Subordinated Debentures due March 31, 2007 through Wheat First Butcher & Singer Capital Markets. Net proceeds will be used to repay short-term indebtedness. The debentures were priced at par with a 7.25 percent coupon and are convertible into common stock at $32.45 per share. The debentures will trade on the New York Stock Exchange.
Interest is payable on March 31 and September 30 each year, commencing March 31, 1992. The debentures are redeemable at the Company's option on or after March 31, 1995 at 105.075 percent of par and, thereafter at premiums which decline annually to par on March 31, 2002. A sinking fund will be set up to retire at least 20 percent of the debentures prior to maturity.
Standard Commercial is one of the world's three largest independent leaf tobacco dealers and its customers include most major international cigarette manufacturers. Standard is one of the world's largest buyers, processors, and sellers of wool. Leaf tobacco and wool account for approximately two-thirds and one-third of total revenues, respectively.
/CONTACT: G.M. Ross, Standard Commercial Corporation, 919-291-5507/
(STW) CO: Standard Commercial Corporation ST: North Carolina IN: TOB SU: DF -- CH011 -- 1388 11/05/91 16:14 EST