INTERPOOL PRICES PUBLIC OFFERING OF $60 MILLION CONVERTIBLE, EXCHANGEABLE SUBORDINATED NOTES
PRINCETON, N.J., Dec. 8 /PRNewswire/ -- Interpool, Inc. (NYSE: IPX) announced today that it has priced a public offering of $60 million principal amount of convertible exchangeable subordinated notes due 2018 (NYSE: IPX18).
The company, which leases containers and chassis to the shipping and transportation industry, said that net proceeds from the offering will be used primarily for the acquisition of equipment.
The notes, which will pay 5.25% interest semi-annually on June 15 and Dec. 15, will be convertible into shares of Interpool common stock at a conversion price of $23.37 per share. In addition, at the company's option, the notes may be exchanged, in whole but not in part, for Interpool's 5.25% convertible preferred stock on or after Dec. 15, 1994, but before Dec. 15, 2016. The preferred stock will be convertible into Interpool common stock at the same conversion price as the notes. The public offering of the 5.25% notes was lead-managed by Smith Barney Shearson Inc., and co-managed by Furman Selz Incorporated and SBCI Swiss Bank Corporation. Interpool, founded in 1968, leases intermodal dry cargo containers and chassis for both domestic and international trade. Its container fleet totals approximately 95,000 twenty-foot equivalent units, and its chassis fleet has approximately 40,000 chassis. Interpool leases its containers and chassis to over 200 customers, including nearly all of the world's 20 largest international container shipping lines. -0- 12/8/93 /CONTACT: Raoul J. Witteveen, 212-986-3388, for Interpool, Inc., or Stuart Pearlman of Stuart Pearlman & Co., Inc., 212-370-4940/ (IPX)
CO: Interpool, Inc. ST: New Jersey IN: PAP TRN SU: OFR
LD -- NY096 -- 1917 12/08/93 16:44 EST
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|Date:||Dec 8, 1993|
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