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Kerr Glass Manufacturing Corporation Deal - Lehman Brothers Collection

Kerr Glass Manufacturing Corporation

Company Dealpublic offering of 1,650,000 shares of common stock and recapitalization
Transaction TypeCommon Stock
Deal DescriptionKerr Glass Manufacturing Corporation used the proceeds from this transaction to recapitalize. This recapitalization was to reduce long-term subordinated debt, eliminate all outstanding warrants and convertible preferred stock, reduce the number of common shares that would have otherwise been outstanding or reserved for issuance, and add two classes of non-convertible preferred stock. The long-term subordinated debt, warrants, and convertible preferred stock all arose out of the financing by the company of the purchase of the Packaging Products Division of Armstrong Cork Company in 1969.
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