Printer Friendly

BALLY MANUFACTURING CORPORATION ANNOUNCES EQUITY OFFERING FILING BY ITS SUBSIDIARY BALLY GAMING INTERNATIONAL

 BALLY MANUFACTURING CORPORATION ANNOUNCES EQUITY OFFERING FILING
 BY ITS SUBSIDIARY BALLY GAMING INTERNATIONAL
 CHICAGO, June 4 /PRNewswire/ -- Bally Manufacturing Corporation (NYSE: BLY) announced today that its subsidiary Bally Gaming International, Inc., had filed with the Securities and Exchange Commission a registration statement relating to the sale of 4,000,000 shares of common stock of Bally Gaming owned by Bally Manufacturing, which represents approximately 38 percent of the outstanding common stock of Bally Gaming. Salomon Brothers Inc will lead manage this offering and Raymond James & Associates, Inc., will be co-manager. Bally Manufacturing has granted the underwriters an option to purchase up to 600,000 additional shares of Bally Gaming common stock to cover over-allotments.
 The offering is one of a series of transactions which are part of the financial restructuring of Bally Manufacturing commenced in the fourth quarter of 1990. Bally Manufacturing intends to use the proceeds to retire senior bank debt, its 13-5/8 percent subordinated debentures due 2001 and its Zero Coupon senior subordinated debentures due 1991 and 1992, as well as to support continuing operations.
 Bally Manufacturing also announced that it intends to seek the consent of the holders of its 10 percent convertible subordinated debentures due 2006, 6 percent convertible subordinated debentures due 1998 and Series D convertible exchangeable preferred stock to cure existing defaults thereunder by issuing shares of Bally Manufacturing common stock in lieu of cash in payment of interest and dividends, respectively, on those securities. The terms of the consent solicitation, which have not yet been finalized, contemplate that the number of shares of Bally Manufacturing common stock to be issued therein, including shares that may be issued in payment of some future interest and dividends, will not exceed 20 percent of Bally Manufacturing's currently outstanding shares. Bally Manufacturing anticipates filing a registration statement with respect to the consent solicitation shortly, and the common stock will be offered in the consent solicitation only by means of a prospectus.
 A registration statement relating to the common stock of Bally Gaming 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.
 -0- 6/4/92
 /CONTACT: Michael W. Kempner or Stan Steinreich of MWW/Strategic Communications, 201-342-9500, for Bally Manufacturing/
 (BLY) CO: Bally Manufacturing Corporation ST: Illinois IN: CNO SU: OFR


GK-KD -- NY027 -- 6950 06/04/92 10:09 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:Jun 4, 1992
Words:465
Previous Article:GROWING HEALTHY COMPLETES SECOND EQUITY PLACEMENT; NAMES KEY EXECUTIVES AND BOARD MEMBERS
Next Article:LITTLE SWITZERLAND ANNOUNCES DATE OF ANNUAL MEETING
Topics:


Related Articles
BALLY MANUFACTURING AND BALLY GAMING INTERNATIONAL ANNOUNCE THE OFFERING OF 4 MILLION SHARES OF BALLY GAMING INTERNATIONAL COMMON STOCK
BALLY MANUFACTURING AND BALLY GAMING INTERNATIONAL REPORT COMPLETION OF OFFERING OF 4,547,600 SHARES OF BALLY GAMING INTERNATIONAL COMMON STOCK
AMEX OPENS OPTIONS TRADING ON BALLY GAMING INTERNATIONAL AND AMEX-LISTED INTERNATIONAL MUREX TECHNOLOGIES
BALLY MANUFACTURING CORPORATION RECEIVES COMMON STOCKHOLDER APPROVAL OF AMENDMENT FOR PREFERRED STOCKHOLDER CONSENT SOLICITATION
BALLY MANUFACTURING ANNOUNCES NEXT STEP IN FINANCIAL RESTRUCTURING
BALLY MANUFACTURING CORPORATION CLOSES NOTE OFFERING TO FUND EXPANSION IN GAMING MARKETS
BALLY MANUFACTURING CORPORATION CLOSES NOTE OFFERING TO FUND EXPANSION IN GAMING MARKETS
DION ENTERTAINMENT AMENDS TERMS OF $17 MILLION FINANCING
ALLIANCE GAMING EXPECTS TO MAIL PROXIES BY MARCH 13 FOR APRIL 2 SHAREHOLDER MEETING TO VOTE ON BALLY GAMING MERGER
ALLIANCE GAMING AMENDS EXCHANGE OFFER

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