National Education to Issue $50-Million Public Offering
National Education Corp., a Newport Beach-based industrial and vocational training company, is making a public offering of $50 million in convertible subordinated debentures. The underwriters, Salomon Bros. Inc., Merrill Lynch Capital Markets and E. F. Hutton, have been granted an over-allotment option to purchase up to an additional $7.5 million of debentures. National Education says it will use the proceeds of the offering to help repay a bank loan incurred in recent corporate acquisitions.
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