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General DataComm Converts Debt
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Business New Haven
1/24/2000
By: Kristine Hansen
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MIDDLEBURY - General DataComm Industries Inc. (NYSE: GDC) announced the conversion of about $14.5 million of its 7 3/4 percent convertible debentures for common stock. The conversions took place late last year in three separate unsolicited transactions. The transactions enabled General DataComm to reduce its convertible debt by 60 percent, thus reducing interest expense. Stockholders' equity increased by about $14.5 million.
In a separate announcement, General DataComm announced that it had secured an increase of $30 million in financing from its lenders in the form of a $20 million term loan and an additional $10 million available to its revolving credit line. The increase brings total committed financing to $70 million.
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