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Nichols Institute

This article was originally published in The Gray Sheet

Executive Summary

Files registration statement with the Securities and Exchange Commission related to a planned offering of $100 mil. of senior debt notes due 2001. Out of estimated net proceeds of $96 mil., about $69.7 mil. would go toward repayment of various existing debts, approximately $5.5 mil. would go toward redemption and payment of accrued dividends on Series E convertible preferred stock, approximately $10 mil. would fund a 1994 capital expenditures program, and $10.8 mil. would go toward general corporate purposes. The refinancing is expected to "improve significantly [the firm's] operating and financial flexibility," the filing states. In 1993, the clinical lab testing company had revenues of $279.6 mil. and a net loss of $4.4 mil
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