| Deal Description | P. Lorillard Company applied the net proceeds from this transaction to the payment at maturity of the company's 5% gold bonds due August 1, 1951, and to the reduction of the company's short-term loans payable to thirteen banks. The loans were incurred to finance the company's increased purchases of tobacco and other materials made necessary primarily by the expanded volume of the company's business and, to a lesser degree, by the increased cost of production, and to finance expenditures of the company for additional plant and equipment. |
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