The Parraffine Companies, Inc.
| Company Deal | The Paraffine Companies, Inc.: 4% cumulative convertible preferred stock |
|---|---|
| Transaction Type | Cumulative Convertible Preferred Stock / Common Stock |
| Deal Description | The Paraffine Companies, Inc., expected to use the net proceeds from this transaction to pay off outstanding bank loans. The proceeds were also used to make advances to Plant Rubber & Asbestos Works, a subsidiary, to enable it to pay off bank loans. The company also used the proceeds to purchase machinery and equipment for the manufacture of asphalt shingles and to complete the construction and installation of other miscellaneous additional warehouse facilities. Any balance was used for general corporate purposes. |