Printer Friendly

THE FOOTHILL GROUP INC. ANNOUNCES REDEMPTION OF SUBORDINATED DEBENTURES

 THE FOOTHILL GROUP INC. ANNOUNCES REDEMPTION
 OF SUBORDINATED DEBENTURES
 LOS ANGELES, Aug. 17 /PRNewswire/ -- The Foothill Group Inc. (NYSE: FGI) announced today the redemption of its 9.5 percent convertible subordinated debentures due Aug. 15, 2003. There are currently $6,996,000 of these debentures outstanding which will be redeemed on Sept. 17, 1992. Under the terms of the indenture dated Sept. 15, 1983, between Foothill and IBJ Schroder Bank & Trust Co. as trustee, the debentures will be redeemed at a price of 100.95 percent, together with accrued interest to Sept. 17, 1992. Debenture holders of this issue can currently convert each debenture into 140.056 shares of Foothill's Class A common stock using the adjusted conversion price of $7.14 per share. Debentures not converted into class A common stock on or before Sept. 16, 1992, will be redeemed as noted.
 Don L. Gevirtz, chairman and chief executive officer, said, "The parent company has nearly completed its strategic plan of deleveraging. The annual reduction in interest expense due to the elimination of these debentures approximates $664,000. After this redemption, parent company liabilities will total approximately $5 million, down from $45 million as of Dec. 31, 1991."
 The Foothill Group Inc. is a financial services company engaged in the commercial finance and asset management businesses. Foothill Capital Corp., its largest subsidiary, provides asset-based financing secured by accounts receivable, inventory, equipment and other assets to businesses nationwide. Foothill Thrift and Loan specializes in providing commercial and industrial loans to small- and medium-sized businesses in California. The Capital Markets Division (parent company) manages institutional limited partnerships which invest in the debt of companies which are in reorganization or in the process of restructuring.
 -0- 8/17/92
 /CONTACT: Henry K. Jordan, VP and CFO of Foothill, 310-996-7000/
 (FGI) CO: Foothill Group Inc. ST: California IN: FIN SU:


JB-KJ -- LA006 -- 0346 08/17/92 08:31 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Aug 17, 1992
Words:316
Previous Article:ROSS STORES REPORTS SECOND QUARTER RESULTS
Next Article:ARMCO STEEL COMPANY NAMES TWO VICE PRESIDENTS
Topics:


Related Articles
THE FOOTHILL GROUP INC. ANNOUNCES REDEMPTION OF SUBORDINATED DEBENTURES
THE FOOTHILL GROUP INC. REPORTS 1992 SECOND QUARTER RESULTS
THE FOOTHILL GROUP INC. REPORTS 1992 SECOND QUARTER RESULTS
THE FOOTHILL GROUP INC. COMPLETES REDEMPTION OF SUBORDINATED DEBENTURES
THE FOOTHILL GROUP ANNOUNCES REDEMPTION OF SUBORDINATED DEBENTURES
THE FOOTHILL GROUP INC. REPORTS 1992 THIRD QUARTER RESULTS
JOHN DEERE CAPITAL CORP. ANNOUNCES REDEMPTION
LEGG MASON, INC. ISSUES ANNOUNCEMENT
LEGG MASON CALLS CONVERTIBLE DEBENTURES
HSBC Bank Canada to redeem subordinated debentures.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters