Newspaper article THE JOURNAL RECORD

Texas International Co. `Sweetens' Try to Restructure $200 Million Public Debt / Increases Percentages

Newspaper article THE JOURNAL RECORD

Texas International Co. `Sweetens' Try to Restructure $200 Million Public Debt / Increases Percentages

Article excerpt

An attempt to restructure $200 million in public debt was "sweetened" Wednesday by Texas International Co., of Oklahoma City, to induce more holders of the company's bonds to exchange them for new issues, said James F. Gregory Jr., director of investor relations.

The company increased percentages on two of four new note issues being offered for exchange, rolled back the due dates, added stock purchase warrants and extended for the third time the closing date on three of the issues.

The fourth exchange offer closes at 5 p.m. today after being extended once.

"It was obvious," Gregory said, "in discussing our original offer with holders of our larger blocks that negotiation was necessary.

"As the middle ground was discussed we came to this new set of terms."

The company will now issue:

- $1,000 principal amount-12 7/8 percent, second senior subordinated notes due Nov. 1, 1990, plus 13 shares of common stock and 25 common stock purchase warrants for each $1,000 of its $50 million, 9 percent senior subordinated oil indexed notes due Oct. 1, 1995.

Due date on the issue was previously Nov. 1, 1991, and included 17 shares of common stock or common shares with a market value of $20, which ever was less.

- $1,000 principal amount-14 1/8 percent third senior subordinated notes due Dec. 15, 1991, plus 27 shares of common stock and 25 common stock purchase warrants for each $1,000 of its $100 million 13 1/8 percent senior subordinated notes due July 15, 1993.

Before being modified, the new issue was due June 15, 1992, and was coupled with the lesser of 38 common shares or common shares with a market value of $65 .

- $1,000 principal amount-12 percent fourth senior subordinated notes due Feb. 1, 1993 (Series A and Series B) plus 16 shares of common stock and 25 stock purchase warrants for $1,000 of its $50 million 11 1/2-percent subordinated debentures due 1997 (Series 1977 Old and Series 1978 New).

Previously, due date on the new issue was Feb. 1, 1994. That offer included the lesser of 19 common shares or common shares with a market value of $32.

The exchange offers were extended until 5 p.m., Aug. 6, 1985.

The company's offer to exchange $1,000 principal amount of 13-percent first senior subordinated notes, due March 1, 1989, plus the lesser of 18 shares of common stock or shares of common stock having a market value of $31 for each $1,000 of its $5.6 million, 8 1/4-percent convertible subordinated debentures due 1996, remains unchanged.

The 8 1/4-percent bonds are negotiable, non-registered, bearer bonds and the offer to exchange them closes at 5 p. …

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