Rochester, NY 8/4/2009 8:01:02 PM
Alliance One Intl, AOI - Sale Exercise $15M Overallotment
ALLIANCE ONE INTL
ALLIANCE ONE INTL, AOI
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Investment bankers handling the recent sale of $100 million in convertible notes for Morrisville-based tobacco supplier Alliance One will exercise a $15 million overallotment, signaling a favorable investor reaction. The sale of the original notes took place through a private placement to large institutional investors in early July. It’s one of several financial moves by Alliance One in recent weeks to refinance existing debt and obtain new operating capital.
The firm, with a global employee roster of 4,700, processes and distributes burley and flu-cured tobacco used in cigarette production in the Americas, Europe and the Far East. The notes, both the original $100 million batch and the overallotment, convert to Alliance One common shares. The company says it will take some of the proceeds from the note sale to enter various hedging activities to minimize dilution of existing shareholders.
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