Printer Friendly

MERRY LAND SELLS $120 MILLION OF SENIOR NOTES

 AUGUSTA, Aug. 23 /PRNewswire/ -- Merry Land & Investment Company, Inc. (NYSE: MRY) has engaged First Union National Bank of North Carolina as placement agent to sell $120 million of senior notes.
 The bank has arranged to sell these notes to a group of institutional investors, subject to definitive documentation and due diligence.
 The notes will bear interest at 6.625 percent per annum, payable semi-annually, with a final maturity of eight years. Principal payments of $40 million each will be payable at the end of sex, seven, and eight years, resulting in an average life for the notes of seven years.
 The sale of the notes is expected to be completed by Sept. 30.
 Proceeds from the sale of the notes will be used to repay certain other indebtedness of the company and to make additional apartment investments.
 -0- 8/23/93
 /CONTACT: Tennent Houston, president of Merry Land, 706-722-6756/
 (MRY)


CO: Merry Land & Investment Company, Inc. ST: Georgia IN: SU:

RA-BR -- AT004 -- 4997 08/23/93 11:02 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:Aug 23, 1993
Words:169
Previous Article:HOW TO PREVENT TELEPHONE FRAUD TO GET SPOTLIGHT AT SETA -- MCI FRAUD EXPERT SHOWS HOW TO 'HACKER-PROOF' PHONE SYSTEMS --
Next Article:SEIKOSHA DROPS PRICES ON FIVE PRINTERS BY $30 TO $150

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