Advertisement

INDUSTRY NOTES

445,000 Varco Shares Converted in Exchange

September 29, 1987

Varco International in Orange said it has converted 445,000 shares of its $2 Series A preferred stock to 1.7 million shares of common stock under terms of the company's exchange offer, which expired Friday.

The conversion, which was instituted to eliminate $3 million of overdue dividend payments on the preferred shares, was valued at $13.6 million.

Advertisement
Los Angeles Times Articles
|
|
|