Lehman Brothers Collection - Contemporary Business Archives

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Crocker National Corporation Deal - Lehman Brothers Collection

Crocker National Corporation

Company Dealoffer to exchange 5 3/4% convertible subordinated debenture due 1996 for $3.00 cumulative convertible preferred stock
Transaction TypeCumulative Convertible Preferred Stock
Deal DescriptionCrocker National Corporation offered an exchange of its $3.00 cumulative convertible preferred stock for its 5% convertible subordinated debentures due 1996 on the following basis: twenty shares of preferred stock in exchange for each $1,000 principal amount of debentures. Debentures acquired by the company in connection with the exchange offer were used to satisfy mandatory sinking fund requirements on the debentures, thereby reducing the principal amount of the debentures redeemed for cash pursuant to operation of the sinking fund. The purpose of the offer was to reduce the company's long-term debt and to increase its equity base.
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