More complete information concerning the rights offering
, including the method of exercise thereunder, is set forth in the Proxy Statement/Prospectus and related Supplement with respect to the rights offering
UBS Investment Bank acted as financial advisor and dealer manager for the Rights Offering
The capital infusion provided by the rights offering
will greatly enhance the bank's ability to serve as the premier community bank of the Mid-Hudson Valley.
The prospectus will contain a description of the Rights Offering
and other information.
Revlon also announced that Revlon Consumer Products Corporation ("RCPC"), Revlon's wholly-owned operating subsidiary, will use approximately $50 million of the proceeds of the rights offering
and related private placement to redeem approximately $50 million aggregate principal amount of its 8 5/8% Senior Subordinated Notes due 2008 (the "Notes"), at a redemption price of 100% of the principal amount of such Notes, plus accrued and unpaid interest up to, but not including, the redemption date.
Commenting on the announcement, Revlon President & CEO David Kennedy stated, "I am delighted with the broad participation in the rights offering
and by this demonstration of confidence by not only MacAndrews & Forbes, but also by our other shareholders.
Approximately $50 million of the proceeds from the rights offering
are expected to be used to redeem approximately $50 million principal amount of the 8 5/8% Senior Subordinated Notes due 2008 of Revlon Consumer Products Corporation, Revlon's wholly-owned operating subsidiary ("RCPC"), with the remainder of such proceeds expected to be used to repay indebtedness outstanding under RCPC's $160 million multi-currency revolving credit facility, without any permanent reduction in that commitment, after paying fees and expenses incurred in connection with the rights offering
ARC intends to use the proceeds of the rights offering
to partially fund the cash portion of the purchase price for its acquisition of NLASCO, Inc.
Pursuant to an over-subscription privilege in the rights offering
, each rights holder that exercises its basic subscription privilege in full may also subscribe for additional shares at the same subscription price per share, to the extent that other stockholders do not exercise their subscription rights in full.
In connection with the Debt Conversion, BroadVision also announced that it would commence a rights offering
of up to 177,890,071 shares in common stock to all shareholders of record as of December 20, 2005, as well as certain warrant holders.
The Company today filed a motion in the Bankruptcy Court seeking approval of the commitments described above, the commencement of the rights offering
, and the Company's payment of certain premiums, fees and expenses in connection with the commitments.
The offer and sale by Motient of the shares of common stock in the rights offering
were registered under the Securities Act of 1933, as amended.