98-10) that, although some of the Y shareholders also own Y debentures
, a substantial portion of the Y debentures
were owned by persons who own no Y stock.
by tendering debentures
, the holders may eliminate the risk of adverse developments reducing the value of the debentures
Regent Securities Capital Corporation and Shoreline Pacific, LLC served as the placement agents for the issuance and sale of the convertible debentures
and related warrants.
i) $1,000 principal amount of New Debentures
The purpose of the tender offer is to satisfy the Company's obligation under an indenture to offer to repurchase the Debentures
after a change in control.
All regular semi-annual interest payments due in March and April 1994 will be paid on the old issues of debentures
presently outstanding, including those tendered and accepted for exchange.
In addition, the Company continues to solicit consents to proposed amendments that would eliminate or modify various covenants in the Indenture governing the Debentures
and to the waiver of any defaults or events of defaults under the Debentures
and the Indenture, including by reason of the Company's failure to purchase $15 million principal amount of Debentures
under the terms of an existing covenant.
are redeemable to the extent NSHFV redeems the dual currency notes.
19, 1993 to convert its debentures
into Class A Common Stock at a conversion price of $18.
The debt to be redeemed will consist of all of its 8 7/8 percent Sinking Fund Debentures
Due 1995, 8 percent Sinking Fund Debentures
Due 1998 and 12 percent Debentures
50% Senior Convertible Debentures
due 2021 and an exchange fee of $3.
The net share settlement feature would allow PMI to satisfy its obligation due upon conversion to holders of the new debentures
in cash for a portion of the conversion obligation, reducing the share dilution associated with the conversion of the new debentures