QUANEX COMPLETES PARTIAL REDEMPTION OF 9-1/8 PERCENT CONVERTIBLE SUBORDINATED DEBENTURES
QUANEX COMPLETES PARTIAL REDEMPTION OF 9-1/8 PERCENT
CONVERTIBLE SUBORDINATED DEBENTURES
HOUSTON, Dec. 18 /PRNewswire/ -- Quanex Corporation (NYSE: NX), a Fortune 500 company and leading manufacturer of specialty metal products, said it had successfully completed its call for redemption of $6.1 million principal amount of its 9-1/8 percent convertible subordinated debentures. The redemption notification was announced Nov. 12, 1991 and the redemption date was Dec. 13, 1991.
On the notification date, $33.1 million principal amount of debentures were outstanding. Of the $6.1 million of debentures called for redemption; $1.1 million converted to common stock; and the remaining $5.0 million of debentures were redeemed and canceled for a $5.4 million cash payment of principal, interest and premium. Additionally, $2.0 million of debentures not called for redemption were converted to common stock. In total, 184,374 common shares were issued upon conversion of debentures. On Dec. 13, 1991, $25.0 million principal amount of debentures were outstanding. The company said it will consider additional partial redemptions of the debentures, depending on market conditions.
Quanex is a technological leader in the manufacture of steel, aluminum and titanium specialty metal products for transportation, capital equipment, home building and remodeling and energy processing markets.
Latest Four Quarter Data (as of fiscal 1991, fourth quarter):
Sales: $588.9 million, operating earnings: $35.1 million, net income: $12.4 million, cash from operations: $40.2 million, primary earnings per share: $1.02, quarterly common dividend rate: $.12 per share, book value per share: $12.99, long term debt/capitalization: 51.6 percent, return on shareholders' equity: 8.0 percent.
Latest common stock price (52 week High & Low): $23-1/8 and $11-3/8.
/CONTACT: W.F. Cleary or C.A. Meador of Quanex, 713-961-4600/
(NX) CO: Quanex Corporation ST: Texas IN: MNG SU: SM -- NY066 -- 3535 12/18/91 15:54 EST