Printer Friendly

FEDERAL INDUSTRIES SIGNS UNDERWRITING AGREEMENT FOR U.S.$100,000,000 DEBT OFFERING

 TORONTO, June 30 /PRNewswire/ -- Federal Industries Ltd. today announced that it has entered into an underwriting agreement with Citicorp Securities Markets, Inc., Citibank Canada Securities Limited and Citibank International plc to sell U.S.$100,000,000 principal amount of 10.25 percent Senior Notes Due 2000 to such underwriters, principally for resale to the public in the United States. Closing is expected to occur on July 8, 1993. Net proceeds from the underwriting will be used primarily to repay outstanding bank indebtedness.
 The company also announced that it has received commitments from members of its existing banking syndicate, conditional on completion of the offering of the Senior Notes, for the provision of a revolving committed facility of Cdn.$150,000,000. The revised bank facility is expected to be implemented by Sept. 1, 1993, and to extend to at least Feb. 28, 1995. This facility will replace the company's existing demand revolving and letter of credit facilities.
 As previously announced, Federal Industries has filed a Registration Statement with the United States Securities and Exchange Commission relating to the public offering in the United States of the Senior Notes through the underwriters. This Registration Statement has now become effective.
 -0- 6/30/93
 /CONTACT: Michael J. Greene, vice-president and chief financial officer of Federal Industries Ltd., 416-675-8200/


CO: Federal Industries Ltd. ST: Ontario IN: SU: OFR

LR-MG -- NY046 -- 7179 06/30/93 12:52 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jun 30, 1993
Words:235
Previous Article:UNITED AIRLINES INTRODUCES NEW MEALS WITH FLAIR; OFFERINGS EMPHASIZE TASTE AND APPEARANCE WHILE MEETING DIETETIC AND RELIGIOUS NEEDS
Next Article:SONY CORPORATION OF AMERICA NAMES SUE SATRIANO TO MEDIA RELATIONS POST


Related Articles
NEWS CORPORATION SELLS MEDIUM TERM SENIOR DEBT SECURITIES
BENGUETCORP REPORTS LOSS FOR 1992
BENGUET REPORTS EARNINGS FOR 1993 SECOND QUARTER
USA HEALTH TECHNOLOGIES ANNOUNCES THE SIGNING OF A DEFINITIVE AGREEMENT TO ACQUIRE A GOLF COURSE, CLUB HOUSE AND OVER 270 ACRES OF LAND.
Whitestone Industries Rescinds International Financing
VISTA Information Solutions, Inc. Completes $5.1 Million Debt to Equity Conversion
Windsor Financial Group Signs Exclusive Investment Banking Services Agreement With ThrillTime Entertainment International
Abitibi-Consolidated Inc. Announces Pricing of US$1.4 Billion Debt Offering.
American Capital Prices Public Offering of Common Stock.
American Capital Completes Public Offering of Common Stock.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters