UNDERWRITERS EXERCISE OVER-ALLOTMENT OPTION OF COMMON STOCK OF DR PEPPER/SEVEN-UP COMPANIES, INC.
DALLAS, Feb. 26 /PRNewswire/ --Dr Pepper/Seven-Up Companies, Inc. (DPS) today reported that an over-allotment option covering 3,078,313 shares of its common stock was exercised by the underwriters in connection with its previously completed initial public offering. Of the shares of common stock to be sold, 1,500,000 shares will be sold by a selling shareholder and 1,578,313 shares will be sold by the company. The proceeds to the company will be approximately $22.3 million. Forty percent of the proceeds to the company will be used to repay borrowings under its 1992 term loan facility, and 60 percent will be used to redeem a portion of its 11-1/2 percent Senior Subordinated Discount Notes due 2002. -0- 2/26/93 /CONTACT: Jim Ball, 214-360-7812, or Tom Bayer, 214-360-7817, both of Dr Pepper/Seven-Up Companies, Inc./
CO: Dr Pepper/Seven-Up ST: Texas IN: FOD SU: OFR
TM -- NY071 -- 1062 02/26/93 18:17 EST
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|Date:||Feb 26, 1993|
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