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Sara Lee raises shelf to $2 billion of debt, stock, preferreds, warrants, convertibles
New York, March 5 - Sara Lee Corp. raised its shelf registration with the Securities and Exchange Commission to $2 billion of debt securities, debt warrants, common stock, common stock warrants, preferred stock and currency warrants. The debt and preferred stock may be structured as convertibles.
The Chicago manufacturer and marketer of brand name products included in the new shelf $140 million of previously registered but unsold securities.
Sara Lee said it would use proceeds from the securities sales for general corporate purposes, including the repayment of debt, future acquisitions, capital expenditures and additions to working capital unless specified otherwise at the time of sale.
For the 26 weeks to Dec. 29, 2001, Sara Lee had an earnings to fixed charge ratio of 3.5 times, including a reshaping charge of $188 million, compared to a ratio of 6.5 times for all of fiscal 2001 including various charges that increased pre-tax income by $413 million.
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