Ultrasystems Completes Offering of Debentures
Ultrasystems Inc. said it has completed a $30-million offering of 7 3/4 convertible subordinated debentures due May 15, 2006. Dean Witter Reynolds Inc. and Seidler Amdec Securities Inc. served as co-managers of the underwriting group.
Proceeds from the sale of the debentures are to be used to repay bank indebtedness and for general corporate purposes. Ultrasystems Inc. is an Irvine-based engineering and development company involved in a range of projects that include the design and construction of energy cogeneration plants, industrial power plants, and chemical and waste-water treatment facilities. The company also is involved in defense and space systems projects.