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Ashland Overseas Finance Corporation Deal - Lehman Brothers Collection

Ashland Overseas Finance Corporation

Company Deal$20,000,000 5% subordinated guaranteed debentures due 1988 convertible into common stock of Ashland Oil & Refining Company
Transaction TypeSubordinated Guaranteed Debentures
Deal DescriptionAshland Overseas Finance Corporation, a wholly owned subsidiary of Ashland Oil & Refining Company, expected to use the proceeds from this deal for the capitalization of the corporation. Ashland Overseas was incorporated in 1967 for the purpose of making investments (including loans) in connection with Ashland Oil's foreign operations. The corporation had not, at that time, engaged in any activities other than those incident to its formation and the authorization of the issue of the debentures. It was intended that the corporation would invest its funds in foreign companies in which Ashland Oil or Ashland Overseas owned or would own, directly or indirectly, stock having 10% or more of the total combined voting power of all classes of stock of such companies. The business of Ashland Overseas was to be conducted such that more than 80% of its income was to be derived from sources outside of the United States. The debentures matured on January 15, 1988; they were convertible into common stock of Ashland Oil & Refining Company on and after August 1, 1969.
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