Standard Commercial to redeem 8 7/8% notes, convertibles, repay some bank debt

New York, March 4 - Standard Commercial Corp. said it plans to redeem all its outstanding 8 7/8% senior notes due 2005 and all its outstanding 7¼% convertible subordinated debentures due 2007 with proceeds from an offering of $150 million senior notes due 2012.

The Wilson, N.C., leaf tobacco dealer will also repay part of its revolving credit facility with the new deal proceeds.

As of Dec. 31, Standard Commercial had $45.05 million of the convertibles outstanding, according to the company's most recent 10-Q filing with the Securities and Exchange Commission. As of March 31, 2003 it had $65.177 million of the 8 7/8% notes, according to its most recent 10-K filing with the SEC.

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