Foothill Group to Redeem Debentures Due in 2003
Foothill Group Inc. said it plans to redeem its 9.5% convertible subordinated debentures due Aug. 15, 2003, as part of its effort to reduce its debt costs.
The financial services concern, which has executive offices in Agoura Hills and Los Angeles, said there are $7 million of the debentures outstanding, which will be redeemed Sept. 17.
Holders of the debt can convert each debenture into 140.1 shares of Foothill’s class A common stock, but debentures not converted on or before Sept. 16 will be redeemed, the company said.
Foothill said the debt redemption will save the company about $664,000 in annual interest costs.
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