By Sheri Kasprzak
New York, June 27 - BancTec, Inc. sealed a $345 million private placement of stock, including the over-allotment option.
The company sold 46.575 million shares, including a greenshoe for 6.075 million shares. The exact share price was unavailable at press time Wednesday.
The majority of the proceeds will be used to prepay all principal and interest due on the company's senior subordinated notes due 2009, expected to be $113 million.
The company also plans to prepay all principal, premium and interest due on its $96 million of senior notes due 2008 and to redeem all outstanding shares of capital stock and options, expected to amount to $150 million.
Located in Irving, Texas, BancTec is a hardware and software development company.
| Issuer: | BancTec, Inc.
|
| Issue: | Stock
|
| Amount: | $345 million
|
| Shares: | 46.575 million (including greenshoe for 6.075 million shares)
|
| Warrants: | No
|
| Settlement date: | June 27
|
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