Fields Aircraft Spares Announces Closing of $10 Million Private Debt Offering
SIMI VALLEY, Calif.--(BUSINESS WIRE)--Oct. 24, 1997--Fields Aircraft Spares Inc. (Nasdaq:FASI) Friday announced the closing of its recent $10 million private debt offering in Europe.
The company closed the sale of $10 million of 8.5 percent Subordinated Redeemable Debentures due 2000, issued under an indenture dated Sept. 30, 1997, between the company and Establissement Pour le Placement Prive as trustee.
The debenture holders will have a one-time right at any time after Dec. 29, 1997, through Sept. 27, 2000, to convert up to 30 percent of the principal amount into the company's common stock at a conversion price equal to 85 percent of the average closing price of the stock during the 20-trading-day period prior to the conversion, but at not less than $12 per share.
The debentures are redeemable, in whole or in part, at the option of the company, at any time after March 31, 1999. In addition, if during any 20-trading-day period the average closing price of the common shares equals or exceeds $12 per share, the company may, at its option, require the conversion of up to 20 percent of the principal amount of the outstanding debentures.
Alan Fields, president of Fields Aircraft, stated: ''We are very pleased with the confidence placed in our company by the European investment community. Our turnaround is well underway and the proceeds from this offering will be instrumental in executing our growth strategy. We have been planning the development of an overseas warehouse operation in Europe as we continue to concentrate on expanding our after-market aircraft inventory management and supply program. In addition, we continue to look for potential acquisition opportunities whose products will fit into our distribution systems.''
Fields Aircraft Spares, through its wholly owned subsidiaries Fields Aircraft Spares Inc. and Fields Aero Management Inc., is a leading distributor of aircraft-cabin-interior replacement products and is a broker for a wide variety of factory-new parts applicable to various commercial aircraft models and manufacturers.
Additional information about Fields, including access to copies of its periodic filings with the Securities and Exchange Commission, is available on the company's Web site: fieldsair.com
Statements in this news release that relate to future plans, financial results or projections, events or performance are forward- looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements are subject to risks and uncertainties that could cause actual results to differ materially. Actual results may differ from such forward- looking statements as a result of a number of factors, including but not limited to competitive factors and pricing pressures, ability to obtain necessary capital or financing, the price and availability of aircraft parts and other materials, successful execution of the company's expansion plans, failure to maintain existing customer or vendor relationships, shifts in market demand, general economic conditions and other risks and uncertainties discussed in periodic reports filed by the company with the Securities and Exchange Commission and which the company urges investors to consider. Copies of filed reports may be requested from the company or obtained from the company's Web site.
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Contact:
Fields Aircraft Spares Inc., Simi Valley
Alan Fields, 805/583-0080
or
Coffin Communications Group, Sherman Oaks, Calif.
Michael S. Manahan, 818/789-0100 |
