Scan Tron Makes Offering of Convertible Debentures
Scan-Tron Corp. said it completed a public offering of $10 million in 6 3/4% convertible subordinated debentures due June 1, 2011.
The debentures are convertible into Scan-Tron common stock at an initial conversion price of $23.75, said Scan-Tron, a Tustin-based designer and developer of test-scoring equipment and forms and systems that tally hospital menu orders.
At the company’s option, the debentures can be converted to common stock beginning June 1, 1996. In over-the-counter trading Thursday, Scan-Tron closed at $19.75, up 50 cents.
Proceeds of the offering will be used for general corporate purposes, the company said.
Paine Webber Inc. was the sole underwriter of the offering and may exercise its right to sell a $1-million overallotment, Scan-Tron said.
Scan-Tron recently consolidated its Santa Ana, Carson and Long Beach operations at a new headquarters, manufacturing plant and printing operation in Tustin.
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