| Deal Description | Ashland Oil & Refining Company expected to use $54 million of the net proceeds of the deal to repay all the revolving notes outstanding under its bank credit agreement; the balance was to be added to general corporate funds and used for working capital purposes. Approximately $34.7 million of such notes represent loans made to finance the cash portion of the approximately $64.5 million purchase price paid by the company in connection with the purchase of its ADM Chemicals Division in May, 1967. Ashland acquired ADM under its policy of diversification into the manufacturing and marketing of chemicals and petrochemicals. ADM produced fatty acid chemicals, resins, foundry, and other industrial chemicals. The balance of approximately $19.3 million of such notes represent borrowings by the company for working capital purposes. The debentures matured on August 1, 1992. |
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