Newspaper article THE JOURNAL RECORD

Coachman Inc. Completes Preferred Stock Exchange

Newspaper article THE JOURNAL RECORD

Coachman Inc. Completes Preferred Stock Exchange

Article excerpt

Coachman Inc. has exchanged 400,000 shares of convertible preferred stock for $400,000 in bonds, it was announced Tuesday.

The bonds had been issued by Caribbean Outfitters NV, a subsidiary of Coachman, which has corporate offices at 301 NW 63rd St. in Oklahoma City. Last year Coachman purchased Caribbean Outfitters, with six retail outlets in the Caribbean and Florida.

Each share of preferred stock is convertible into 115 shares of the company's common stock and was exchanged for $100 of debt so the exchange price is 87 cents per common share. The completion of the offering converted $400,000 of debt into equity.

Coachman announced on June 1 that it sold 500,000 shares of common stock at 50 cents per share in an offshore transaction to a Bermuda-based investment fund. This represented the initial closing of a 2,000,000 share offering.

"The completion of this offering and the preferred stock exchange will allow us to meet the financial requirements to be listed on NASDAQ or another national market system," said Dennis Bradford, chairman of Coachman. …

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