LADD REGISTERS COMMON STOCK OFFERING
LADD REGISTERS COMMON STOCK OFFERING HIGH POINT, N.C., March 27 /PRNewswire/ -- LADD Furniture, Inc.
(NASDAQ-NMS: LADF) chairman Richard R. Allen announced today that LADD has filed a registration statement with the Securities & Exchange Commission (S.E.C.) for the sale of 3.5 million shares of common stock by the company and 2.0 million shares by certain LADD stockholders. Pending S.E.C. review of the offering, the stock sale is anticipated in May. Managing underwriters are Dillon, Read & Co. Inc., Interstate/Johnson Lane Corporation and Wheat First Butcher & Singer Capital Markets.
Allen said LADD's proceeds from the stock offering will be used to reduce outstanding debt under the company's revolving credit agreement. He added, "This action will strengthen LADD's capital base, reduce financial leverage and better position the company for future growth in the residential furniture industry." In addition to the 3.5 million common shares being offered by the company, Mr. Don A. Hunziker proposes to sell 1.75 million shares and Mr. O. William Fenn, Jr., 250,000 shares to diversify their respective personal stockholdings as they enter retirement. Mr. Fenn, vice chairman, will retire at the end of March, while Mr. Hunziker, chairman emeritus, has announced his planned retire- ment at the end of September 1992. Messrs. Fenn and Hunziker will both remain on LADD's board of directors. Upon completion of the offering, Mr. Hunziker will own 4.4 percent of LADD's outstanding common stock and Mr. Fenn 4.7 percent. No other LADD officers or directors will sell stock in the proposed offering. Headquartered in High Point, NC, LADD is one of the largest U.S. producers of residential and contract furniture, marketing its broad range of wood, upholstered and metal furniture under the major brand names American Drew, American of Martinsville, Barclay, Brown Jordan, Clayton Marcus, Daystrom, Design Horizons, Lea Industries and Pennsylvania House. LADD also owns and operates two support companies, Lea Lumber & Plywood and LADD Transportation and its stock is traded on the over-the-counter National Market System under the NASDAQ symbol LADF. -0- 3/27/92 /CONTACT: John J. Ong, LADD Furniture, Inc., 919-888-6353/ (LADF) CO: LADD Furniture, Inc. ST: North Carolina IN: REA SU: OFR
CM -- CH001 -- 2288 03/27/92 10:16 EST
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|Date:||Mar 27, 1992|
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