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Financings in Brief: Gelman Sciences

This article was originally published in The Gray Sheet

Executive Summary

Gelman Sciences: Files registration statement with the Securities and Exchange Commission for an offering of 1 mil. shares of common stock. The microfiltration products firm plans to use proceeds to repay a term note it owes NBD Bank, as well as to pay down debt from "credit arrangements" with NBD and Comerica Bank. Stock in Gelman has been trading in the $13-15 per share range. The issue, which trades on the American Stock Exchange, was the leading percentage gainer on The Gray Sheet's "M-D-D-I" Index in 1994, gaining 5 points (51%) during the year ("The Gray Sheet" Jan. 9, p. 9). Cleary Gull Reiland & McDevitt, McDonald & Company Securities, and Roney & Co. are underwriting.
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