$10 Million in Debentures Placed by Perceptronics
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Perceptronics said it completed a private placement of $10 million in convertible subordinated debentures with a number of institutional investors.
The debentures, a type of bond, carry an annual interest rate of 8 1/8%, and are convertible into common stock when Perceptronics shares hit a price of $8.50. The stock closed at $7.50 Monday.
Proceeds of the private placement will be used for working capital, the Woodland Hills defense contractor said. The financing was handled by Prudential Bache Securities and Dean Witter Reynolds.
Perceptronics performs research and development, mainly for the government. It also makes computer equipment and training systems for the military.
Dataproducts, a Woodland Hills-based maker of computer printers, said it formed a wholly owned Canadian subsidiary based in Toronto. Dataproducts said the subsidiary will sell printers to Canadian computer equipment makers and distributors.
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