Meridian Diagnostics
This article was originally published in The Gray Sheet
Executive Summary
Completes offering of $11.5 mil. in 7.25% convertible subordinated debentures due 2001. The offering was underwritten by The Ohio Company and Roney & Co. Approximately $2.8 mil. of the anticipated $10.9 mil. in proceeds will be used to repay indebtedness related to the June 17 acquisition of MonoSpot and Monolert mononucleosis assays from Johnson & Johnson's Ortho Diagnostic Systems ("The Gray Sheet" Dec. 12, 1988, p. 30). The remaining proceeds will be used for capital improvements and general corporate purposes "including possible acquisitions." The debentures are convertible into shares of common stock prior to maturity at the rate of $9.50 per share.