Valassis Seeks to Raise $160 Million
Friday, May 16, 2003
LIVONIA, Mich., May 15 -- Valassis, the leading company in marketing services and Connective Media(TM), announced today that it intends, subject to market and other conditions, to raise approximately $160 million through an offering of 30-year convertible senior notes to qualified institutional investors. The notes will convert into Valassis' common stock at a premium, to be determined. The Company stated that it intends to use the net proceeds of the offering for general corporate purposes, including the potential repurchase of the Company's outstanding debt.