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Oak barely completed stock-for-debt swap.

By sweetening its bid at the last minute, San Diego-based Oak Industries late Tuesday completed a stock-for-debt swap that paved the way for a $175-million cash infusion by Allied-Signal Corp. Oak, which needed to retire at least 85% of its $230 million in debt by Wednesday, ended up with “slightly in excess of 85.6%,” according to a spokeswoman, who added that Oak had extended the offering eight times. On Monday, Oak bolstered the stock-and-cash package being offered to two classes of bondholders that had been reluctant to take part.


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