Printer Friendly

GREEN TREE FINANCIAL CORPORATION ANNOUNCES SALE OF 2,500,000 SHARES OF COMMON STOCK

 ST. PAUL, Minn., Sept. 21 /PRNewswire/ -- Green Tree Financial Corporation (NYSE: GNT) announced today it has sold 2,500,000 shares of common stock to the public at a price of $50.125 per share.
 Lawrence M. Coss, chairman and chief executive officer, said "The sale significantly improves Green Tree's liquidity and capital structure as it increases the company's equity by more than one-third. At the end of September, our equity will exceed $500 million. Green Tree now has a substantially stronger financial base to support the Company's strong business growth."
 The Company has granted the underwriters the option to purchase an additional 375,000 shares to cover over-allotments. Merrill Lynch & Company was the lead manager with the following firms acting as co- managers on the sale: Alex. Brown & Sons, Incorporated; The First Boston Corporation, Lehman Brothers; and William Blair & Company.
 Green Tree Financial Corporation makes loans to individuals in the 48 contiguous states for manufactured homes, home improvements and special products. Green Tree currently services approximately 370,000 contracts totaling $6.4 billion in outstanding principal balances. Green Tree's common stock is traded on the New York and Pacific Stock Exchanges under the symbol "GNT".
 -0- 9/21/93
 /CONTACT: John W. Brink of Green Tree Financial, 612-293-3400; or John Mackay of Padilla Speer Beardsley, 612-871-8877, for Green Tree Financial/
 (GNT)


CO: Green Tree Financial Corporation ST: Minnesota IN: FIN SU:

KH-DS -- MN016 -- 4367 09/21/93 16:58 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:Sep 21, 1993
Words:241
Previous Article:FIRST BANK SYSTEM TO REPURCHASE PREFERRED STOCK
Next Article:UTILITY POINTS TO UNCORRECTED FACTUAL ERRORS IN EMF BOOK
Topics:

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