GenCorp to redeem 35% of 9½% notes, may repay term loan B with share offering proceeds

Pittsburgh, Nov. 8 - GenCorp Inc. intends to redeem 35% of its outstanding 9½% notes and possibly to repay the term loan B under its senior credit facility maturing in December 2006 with proceeds from its offering of 7.5 million shares of common stock, according to a 424B5 filing with the Securities and Exchange Commission.

The company will use $57.5 million of the proceeds to redeem the notes.

If the remaining proceeds aren't used to repay the term loan, they will be used for general corporate purposes, the filing said.

GenCorp is a Sacramento, Calif., technology-based manufacturer of aerospace and defense products and systems with a real estate business segment.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.