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American White Cross

This article was originally published in The Gray Sheet

Executive Summary

Plans secondary offering of 2,750,000 shares of common stock (2.5 mil. to be offered by the company and 250,000 by selling shareholder National Patent Medical, a subsidiary of National Patent Development Corp.), according to a prospectus filed with the Securities and Exchange Commission. The Dayville, Connecticut manufacturer and marketer of bandages and other health care products anticipates using proceeds of approximately $18.6 mil. ($21.8 mil. if the underwriters overallotment option is exercised) to repay certain debts totaling $20.2 mil. as of Feb. 28. Nearly half of the debt resulted from the May 1993 acquisition of American White Cross Laboratories by NPM Healthcare Products, which changed its name to American White Cross on March 3. Oppenheimer & Co., Advest and Mabon Securities are underwriters for the offering
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