Valencia-based Newhall Land & Farming said it plans to sell $50 million of securities to finance development projects and land purchases.
The securities that will be sold are convertible subordinated debentures, which are bonds that can be traded in for stock. Newhall said no interest rate or conversion price has been set for the debentures but that it hopes to complete the offering by the end of November.
Newhall said it will seek to list the debentures on the New York Stock Exchange. Managing the investment syndicate handling the offering are the firms of Morgan Stanley, Dean Witter Reynolds and L.F. Rothschild, Unterberg, Towbin.