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Ocular Sciences developing daily disposable contact lens -- IPO.

This article was originally published in The Gray Sheet

Executive Summary

OCULAR SCIENCES TO USE $17.4 MIL. OF IPO PROCEEDS FOR DEBT REPAYMENT, the soft contact lens manufacturer states in a preliminary prospectus filed with the Securities and Exchange Commission. The prospectus does not give an estimated size for the initial public offering because the number of shares to be offered and the price per share have not yet been determined. However, the filing does note that approximately $14.5 mil. would be used to repay outstanding debt under a 1996 credit agreement with Comerca Bank-California; an additional $2.9 mil. would be used to repay Chairman, President and CEO John Fruth, who "had advanced the company funds periodically, prior to 1993, to meet certain short-term operating cash requirements," the prospectus notes.

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