P. Lorillard Company
| Company Deal | issue of 20-year 3% debentures and common stock |
|---|---|
| Transaction Type | Debentures |
| Deal Description | P. Lorillard Company applied the proceeds from this transaction toward the payment at maturity of the company's 7% gold bonds due October 1, 1944. The balance of the proceeds was applied to the payment or reduction of the company's short-term loans payable to banks. Any excess was applied to the payment of expenses incident to the registration, issuance, and sale of the debentures and common stock, and the balance was added to the company's working capital. |