ALCO STANDARD FILES CONVERTIBLE PREFERRED STOCK OFFERING OF 3.5 MILLION DEPOSITARY SHARES
VALLEY FORGE, Pa., Nov. 18 ~PRNewswire~ -- Alco Standard Corporation (NYSE: ASN) filed today with the Securities and Exchange Commission a registration statement relating to a proposed public offering of 3.5 million Depositary Shares amounting to $175 million, represented by 1~100 of a share of Series AA Convertible Preferred Stock with liquidation preference equivalent to $50 per Depositary Share. Goldman, Sachs & Co. and Lehman Brothers are co-managing the offering. The Series AA Convertible Preferred Stock will be convertible at any time into Alco's common shares. The Depositary Shares will have a dividend that steps up to a higher rate after three years. Alco has granted the Underwriters an option for 30 days to purchase up to an additional 525,000 Depositary Shares. Proceeds from the sale of the Depositary Shares will be used to repay a portion of the indebtedness incurred by Alco to finance recent acquisitions in Canada and Europe. Any remaining proceeds will be used for general corporate purposes. Alco Standard Corporation, headquartered in Valley Forge, is a publicly owned paper and office products distribution company. ------ A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective.
These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy 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.
~delval~ -0- 11~18~92 ~CONTACT: Kathleen M. Burns of Alco Standard, 215-993-3682 or home, 215-828-2077~ (ASN)
CO: Alco Standard Corporation; Securities and Exchange Commission ST: Pennsylvania IN: PAP SU:
JS -- PH040 -- 2553 11~18~92 16:57 EST
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|Date:||Nov 18, 1992|
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