Loral Electronics Corporation
| Company Deal | $5,000,000 4 1/2% subordinated convertible debentures due December 1, 1980 |
|---|---|
| Transaction Type | Convertible Subordinated Debentures |
| Deal Description | Loral Electronics Corporation added the net proceeds from this transaction to its general funds. A portion of the proceeds was used to repay short-term bank loans borrowed for working capital purposes. Another portion of the proceeds was budgeted to equip a new plant. The company expected within the following year to use a portion of the proceeds to defray the cost of additions to the plant, equipment, and other facilities for the production of electronic equipment for military use and in connection with commercial operations in the field of wire and relay manufacturing. In addition, the company was actively seeking suitable opportunities to acquire the stock or assets of other businesses, and part of the balance of such proceeds may have been used as all or part of the purchase price of such acquisitions. |