Printer Friendly

INSTEEL INDUSTRIES TO CALL DEBENTURES

 MOUNT AIRY, N.C., Nov. 25 ~PRNewswire~ -- Insteel Industries, Inc. (AMEX: III), has called for redemption, on Dec. 28, 1992 its 7-3~4 percent convertible subordinated debentures due May 1, 2006. As an alternative to redemption, the debentures are convertible into Insteel common stock at the rate of approximately 120.773 shares of common stock per $1,000 principal amount of debentures, with cash to be paid in lieu of any fractional shares, for debentures tendered prior to the redemption date, Dec. 28, 1992.
 Arrangements also have been made with Interstate~Johnson Lane Corporation and Wheat, First Securities, Inc., as Standby Purchasers to purchase any debentures tendered to them for redemption prior to 5:00 p.m. Charlotte time on Dec. 28, 1992, at a flat price of $1,043.50 per $1,000 principal amount of debentures, including accrued interest.
 Debentures not properly submitted for conversion, or not tendered for purchase by the Standby Purchasers by 5 p.m. Charlotte time on Dec. 28, 1992, will be redeemed on Dec. 28, 1992, at the redemption price of $1,043.27 per $1,000 prinicpal amount of debentures, including accrued interest.
 A registration statement has been filed today with the Securities and Exchange Commission, and a redemption notice has been mailed to all holders of record.
 Insteel's common stock is listed on the American Stock Exchange. The closing price of the common stock on Nov. 24, 1992, was $11.625 per share. As long as the market price per share of common stock is $8.65 or more, a holder of debentures will receive, upon conversion, common stock plus cash in lieu of fractional shares having an aggregate market value greater than the amount of cash such holder would receive upon either redemption or sale to the Standby Purchasers.
 Insteel Industries, Inc., one of the nation's largest wire products manufacturers, produces welded wire reinforcement, industrial wire, galvanized fencing products, nails, specialty wire fabrics and the Insteel 3-D wire reinforced building panel.
 -0- 11~25~92
 ~CONTACT: Howard O. Woltz, Jr., chairman of the board of Insteel Industries, Inc., 919-786-2141~
 (III)


CO: Insteel Industries, Inc. ST: North Carolina IN: MNG SU:

KD-AH -- NY046 -- 1557 11~25~92 14:19 EST
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:Nov 25, 1992
Words:369
Previous Article:FLEET MORTGAGE SECURITIES $98.9 MILLION SERIES 1992-4 CERTIFICATES 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --
Next Article:WEST ONE BANCORP TO ACQUIRE BEN FRANKLIN NATIONAL BANK
Topics:


Related Articles
INSTEEL DIRECTORS APPROVE REGULAR QUARTERLY CASH DIVIDEND
INSTEEL DIRECTORS APPROVE REGULAR QUARTERLY CASH DIVIDEND
INSTEEL DIRECTORS APPROVE REGULAR QUARTERLY CASH DIVIDEND
INSTEEL DECLARES REGULAR QUARTERLY CASH DIVIDEND
INSTEEL DECLARES REGULAR QUARTERLY CASH DIVIDEND
INSTEEL DECLARES REGULAR QUARTERLY CASH DIVIDEND
INSTEEL DECLARES REGULAR QUARTERLY CASH DIVIDEND
INSTEEL DECLARES REGULAR QUARTERLY CASH DIVIDEND
INSTEEL DECLARES REGULAR QUARTERLY CASH DIVIDEND
Insteel Declares Regular Quarterly Cash Dividend

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