| Deal Description | American Export Industries, Inc., intended to use a portion of the net proceeds from the sale of the debentures offered to pay certain debt, including $18 million of 7% promissory notes due in 1968 and $22.247 million of short-term debt that was incurred subsequent to March 31, 1968. These borrowings were incurred to finance purchases of stock interests in Detroit Steel Corporation, The Equity Corporation and Premium Iron Ores Limited, purchases of certain real estate in Staten Island, New York, which the company proposed to develop as a land/sea container terminal, and the acquisition of National Carloading Corporation. The balance of the net proceeds was to be used for development of its land/sea facilities, for acquisition purposes, for additional working capital, or for other general corporate purposes. |
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