|Annual Report 1996|
15. Subsequent Events
On January 14, 1997, the Company issued $300.0 million debt securities consisting of $150.0 million 7 1/4% Notes due January 15, 2007 (the 2007 Notes) and $150.0 million 6 3/4% Notes due January 15, 2002 (the 2002 Notes) to refinance existing debt. The 2007 Notes were placed with a discount, at a price of 99.43% of par with a yield of 7.33%. The 2002 Notes were placed with a discount, at a price of 99.53% of par with a yield of 6.86%. The net proceeds from the sale of the Notes were used primarily for the payment of $150.0 million principal amount of the Company's 7 1/4% Notes due January 15, 1997 and to exercise its right to the repurchase of the remaining principal amount of the $139.5 million 8% Subordinated Convertible Debentures due 2001. The balance of the net proceeds will be used for general corporate purposes.