Foothill Group Plans to Redeem Debentures
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The Foothill Group Inc., a financial services concern with executive offices in Agoura Hills and Los Angeles, said it plans to redeem $7.04 million of its $14.1 million in outstanding 9.5% convertible subordinated debentures.
The bond buyback, to take place on July 20, is part of Foothill’s effort to reduce its overall debt, the company said. After the redemption, it said its annual interest expense will be reduced by $668,000, and its total debt will be $13 million, down from $45 million at the end of 1991.
Earlier this year, Foothill raised $25.1 million through an offering of 3 million shares of common stock, and used part of the proceeds to reduce debt.
Foothill said that holders of the bonds have the option of converting their debentures into Foothill Class A common stock before the buyback.
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