Printer Friendly

PIONEER-STANDARD ELECTRONICS INC. ANNOUNCES REDEMPTION OF DEBENTURES

 PIONEER-STANDARD ELECTRONICS INC.
 ANNOUNCES REDEMPTION OF DEBENTURES
 CLEVELAND, Aug. 24 /PRNewswire/ -- Pioneer-Standard Electronics, Inc. (NASDAQ: PIOS) announced today that it is calling for redemption on Sept. 23, 1992, all of the outstanding $13,200,000 principal amount of its 9 percent subordinated convertible debentures, due 1998.
 The company said that the notice of the redemption is being furnished to debenture holders today. The trustee, conversion agent and paying agent for the debentures is BancOhio National Bank, Columbus, Ohio. National City Bank, Cleveland, will act as processing agent for BancOhio National Bank in connection with the redemption.
 Debentures will be redeemed at 100 percent of the principal amount, together with accrued but unpaid interest to Sept. 23, 1992, the redemption date. In lieu of redemption, debenture holders may convert debentures into the company's common shares at the rate of one common share for each $13.95 principal amount of debentures together with accrued but unpaid interest up to the conversion date. The right of conversion will expire at 5 p.m. Eastern Daylight Time on Sept. 23, 1992.
 On July 21, 1992, the company announced its board of directors authorized the company to purchase from time to time on the open market up to $2,200,000 principal amount of the debentures for credit against the sinking fund payment due Aug. 1, 1993. The company has not made any of the recently authorized open market purchases and in view of the redemption it does not intend to make any such purchases.
 Pioneer-Standard and its 50 percent-owned affiliate, Pioneer/Technologies Group, Inc., market a broad range of electronic components and computer products through 38 locations and serve most of the nation's major markets.
 -0- 8/24/92
 /CONTACT: John V. Goodger of Pioneer-Standard Electronics, Inc., 216-587-3600/
 (PIOS) CO: Pioneer-Standard Electronics, Inc. ST: Ohio IN: CPR SU:


KK -- CL001 -- 2446 08/24/92 08:45 EDT
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:Aug 24, 1992
Words:313
Previous Article:LIGGETT GROUP ANNOUNCES NOTE OFFERING
Next Article:IGI AIDS HURRICANE VICTIMS WITH WATERLESS PERSONAL HYGIENE PRODUCTS
Topics:


Related Articles
PIONEER-STANDARD ANNOUNCES DEBENTURE PURCHASE AUTHORIZATION
PIONEER-STANDARD REDEEMS DEBENTURES
PIONEER-STANDARD REPORTS EARNINGS MORE THAN DOUBLE
PIONEER-STANDARD HAS THREE-FOR-TWO STOCK SPLIT
PIONEER-STANDARD SEES SALES AND EARNINGS AT ALL-TIME HIGHS
PIONEER-STANDARD REPORTS SALES AND EARNINGS AT ALL-TIME HIGHS
Allegheny Teledyne Announces Redemption of Teledyne's 7 Percent Subordinated Debentures
Pioneer-Standard Electronics, Inc. Completes $125 Million Private Placement of Convertible Preferred Securities
Pioneer-Standard Electronics, Inc. Convertible Preferred Securities Overallotment Option Exercised
InterTAN, Inc. Announces Redemption of Subordinated Convertible Debenture.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters