Storage Technology Corp, in the latest stage of its programme to strengthen its capital base by replacing junk debt financing with something a bit more solid, has filed with the Securities & Exchange Commission to offer 5m convertible exchangeable preferred stock at $25 per share. The $125m gross proceeds will be used in combination with […]
Storage Technology Corp, in the latest stage of its programme to strengthen its capital base by replacing junk debt financing with something a bit more solid, has filed with the Securities & Exchange Commission to offer 5m convertible exchangeable preferred stock at $25 per share. The $125m gross proceeds will be used in combination with privately-placed debt to redeem all the company’s 13.5% senior debentures due 1996. From 1992, the stock will be exchangeable at the option of the company into convertible subordinated debentures due 2014. Salomon Brothers Inc is underwriter for the offer.
