Lehman Brothers Collection - Contemporary Business Archives

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Lehman Brothers Collection

Twentieth-Century Business Archives

Avco Financial Services, Inc. Deal - Lehman Brothers Collection

Avco Financial Services, Inc.

Company Deal$50,000,000 7 7/8% senior debentures due May 1, 1992
Transaction TypeSenior Debentures
Deal DescriptionAvco Financial Services, Inc., added the net proceeds from this deal to the company's general funds to be used to reduce short-term borrowings. The company received commitments from certain institutional investors to purchase $5,000,000 of 8% senior subordinated notes due 1987, $30,000,000 of 8 7/8% senior subordinated notes due 1987, and $25,000,000 of 9% junior subordinated notes due 1987. The proceeds of such commitments were to be added to the company's general funds. The company also received a commitment for $50,000,000 of 8 3/8% senior promissory notes due 1992 of a Canadian subsidiary, the proceeds of which were to be added to the general funds of the Canadian subsidiary. The debentures matured on May 1, 1992.
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