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.
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