ITT Financial Corporation
| Company Deal | $50,000,000 10 1/2% senior debentures due October 15, 1995, $50,000,000 9.70% senior notes due October 15, 1983 |
|---|---|
| Transaction Type | Senior Debentures / Senior Notes |
| Deal Description | ITT Financial Corporation added the net proceeds from this transaction to its general funds. The company intended to use a portion of the proceeds to repay outstanding variable rate bank term loans incurred in 1975 in contemplation of the offering made hereby, the proceeds of which loans were used to reduce short-term indebtedness. The company intended to use substantially all of the remaining proceeds in connection with the proposed purchase of certain consumer finance receivables of the GAC Finance operations west of the Mississippi River of BankAmerica Corporation. In the event that such proposed purchase did not happen, the company planned to used the remaining proceeds to reduce outstanding short-term indebtedness. |