Valassis Announces Offer to Institutional Investors, To Raise $150 Million
Press release from the issuing company
LIVONIA, Mich., May 23-- Valassis Communications, Inc. (NYSE: VCI) today announced that it intends, subject to market and other conditions, to raise approximately $150 million (excluding proceeds of the over-allotment option, if any) through an offering of 20-year, zero-coupon convertible senior notes to qualified institutional investors. The notes will convert into the Company's common stock at a premium, to be determined. The Company stated that it intends to use the net proceeds of the offering primarily to pay down existing indebtedness and for general corporate purposes.
WhatTheyThink is the global printing industry's leading independent media organization with both print and digital offerings, including WhatTheyThink.com, PrintingNews.com and WhatTheyThink magazine versioned with a Printing News and Wide-Format & Signage edition. Our mission is to provide cogent news and analysis about trends, technologies, operations, and events in all the markets that comprise today’s printing and sign industries including commercial, in-plant, mailing, finishing, sign, display, textile, industrial, finishing, labels, packaging, marketing technology, software and workflow.