Black Box Begins Program to Refinance Part of Debt

Black Box Inc. of Simi Valley has started a program to refinance some of its debt, according to documents filed with the Securities and Exchange Commission.

Black Box is the parent company of Micom Communications of Simi Valley, which makes devices that allow computers to “talk” to each other, and Black Box Corp., a Lawrence, Pa., mail-order business for data communications products. Black Box Inc. was taken private as part of a $334-million leveraged buyout of the former Micom Systems in September, 1988, by the New York investment firm Odyssey Partners.

Black Box said it will seek to exchange all of its outstanding subordinated debt for new debentures. It is also seeking the consent of holders of a certain class of preferred stock to changes in the terms of the stock, including reductions in the rate by which dividends are accrued and the implementation of certain conversion and redemption rights.

Although Black Box is private, the company said it notified the SEC of the refinancing program because it now has a “shelf” registration on file with the commission. That means the company, by updating financial reports to the SEC, can later do an initial public offering with a minimum of administrative preparation.