MAXXAM RESETS INTEREST RATE ON NOTES
MAXXAM RESETS INTEREST RATE ON NOTES HOUSTON, Nov. 19, 1991 /PRNewswire/ -- MAXXAM Inc. (AMEX: MXM)
(formerly MCO Holdings Inc.) announced today that the interest rate on its 16 percent Senior Subordinated Reset Notes due 2000 has been reset to 14 percent per annum. The new rate will take effect Nov. 20, 1991. Written notice of the reset rate is being provided to Note holders.
Interest on the notes is payable semi-annually on each May 20 and Nov. 20 to holders of record as of May 1 and Nov. 1, respectively. Approximately $45 million of the notes are outstanding and are traded on the American Stock Exchange. MAXXAM operates in three industry segments: aaluminu (through its 87.3 percent-owned subsidiary, Kaiser Aluminum Corp.), forest products (primarily through its wholly owned subsidiary, The Pacific Lumber Co.), and real estate management and development (through various wholly owned subsidiaries). -0- 11/19/91 /CONTACT: Robert W. Irelan of Maxxam Inc., 713-267-3722/ (MXM) CO: Maxxam, Inc. ST: California IN: MNG SU: 15-111991 91;E(;j 6xIFc JL -- SF004 -- 5144 11/19/91 17:23 EST
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|Date:||Nov 19, 1991|
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