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Article: Hollywood Park Inc. gallops out $25 million in depositary shares.
- Article from:
- Los Angeles Business Journal
- Article date:
- February 8, 1993
- Author:
CopyrightCOPYRIGHT 1993 CBJ, L.P. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Inglewood-based Hollywood Park Inc. last Monday sold 2.5 million depositary stock shares, with company management corralling and purchasing nearly half, or 1.1 million shares.
Sold at $10 per depositary share, the securities -- each of which represents 1/100 of a share of convertible preferred stock -- will raise $25 million. The depositary shares do not represent full shares of Hollywood Park stock, but can be redeemed for common stock at $15 per share. The company cannot call the depositary shares until after Jan. 1, 1996.
The proceeds will allow the company, which owns and operates Hollywood Park race track, to retire high interest bank debt and possibly ...