YORK INTERNATIONAL ANNOUNCES REDEMPTION OF DEBENTURES
YORK INTERNATIONAL ANNOUNCES REDEMPTION OF DEBENTURES YORK, Pa., Nov. 18 /PRNewswire/ -- York International Corporation
(NYSE: YRK) today announced that on Nov. 14, 1991 Boatmen's Trust Company, Trustee for the company's 17-1/2 percent subordinated deferred debentures due Dec. 15, 2004 called for redemption of all outstanding debentures on Dec. 15, 1991.
The debentures are redeemable at a total redemption payment of $765.0072 per $1,000 principal amount. The redemption price is equal to $714.96 per $1,000 principal amount plus a redemption premium of 7 percent, $50.0472 per $1,000 principal amount. Payment of the redemption amount will be made on or after Dec. 15, 1991. The total amount of the redemption is approximately $160 million. Dean T. DuCray, chief financial officer of York, said that the redemption of the debentures will significantly reduce the company's annual interest expense and that the redemption, as previously announced, is part of the Company's plans to reduce its debt using the proceeds of York's recent, highly successful initial public offering. York International Corporation is a full-line, global manufacturer of heating, ventilating, air conditioning and refrigeration products. York is the third largest HVACR manufacturer in the United States and a leading competitor in the industry internationally. The company's products are sold in more than 100 countries and York has 11,400 employees worldwide. -0- 11/18/91 /CONTACT: Dean T. DuCray of York International, 717-771-7890/ (YRK) CO: York International Corporation ST: Pennsylvania IN: SU: SH -- NY070 -- 4516 11/18/91 13:32 EST
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|Date:||Nov 18, 1991|
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