Oh Boy Industries, a San Fernando producer and distributor of frozen foods, said it reached a preliminary agreement with Ravenscourt Securities of England to sell $4.5 million of convertible preferred stock to foreign investors.
The preferred shares of publicly held Oh Boy would be available in London early next month. Each of the preferred shares would be convertible into 20 shares of common stock, and would pay a dividend of $10 a year.
Oh Boy, which makes frozen stuffed potatoes, pizza, garlic bread and tortillas, said it will use the proceeds from the offering to expand its plant. Oh Boy also distributes imported non-alcoholic beer.