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"...