Lehman Brothers Collection - Contemporary Business Archives

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Lehman Brothers Collection

Twentieth-Century Business Archives

P. Lorillard Company Deal - Lehman Brothers Collection

P. Lorillard Company

Company Deal15,000,000 25-year 3% debentures due March 1, 1976; 249,600 shares of common stock (par value of $10 per share)
Transaction TypeDebentures / Common Stock
Deal DescriptionP. 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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