Burroughs detailed its Sperry merger debt plan.
The Detroit-based computer maker said it intends to issue 60% preferred stock and 40% subordinated debt in exchange for Sperry common stock in the second step of the merger. Each common share of Sperry would be converted into $30.60 principal amount of Burroughs 9.75% subordinated debentures and 0.918 of a share of Burroughs Series A convertible preferred stock.
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
