| Deal Description | Avco 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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