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Financings in Brief: Urohealth Systems

This article was originally published in The Gray Sheet

Executive Summary

Urohealth Systems: Firm's board approves the redemption of series A preferred stock issued by Davstar, Inc., Urohealth's wholly owned subsidiary, for a total consideration of $6.20 per share. The repurchase will eliminate dividend accumulation of the shares, which accrue at 7% per year, Urohealth says. The company's board also votes to approve a $20 mil. revolving line of credit proposal from Bankers Trust. Proceeds from the line of credit are tabbed for "working capital needs"...
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