Computer Sciences Corp, El Segundo priced its offering of 4.0m common shares at $50.75 a share to raise about $195m net for debt reduction and short-term investments. Merrill Lynch and Co and Goldman Sachs & Co led the underwriting syndicate.
EMC Corp, Hopkinton, Massachusetts will redeem all outstanding 6.25% convertible subordinated debentures due 2002, of which $39.5m principal amount is currently out. Payment of the redemption price of $104.375% per debenture together with accrued and unpaid interest will be made on April 1. The debentures, currently trading at $542.84 are convertible into shares of EMC common at $3.0625 per share. On February 8, EMC common closed on the New York Stock Exchange at $16.375 a share, so the message is get on with it and convert quickly.
IBM Corp completed its tender offer to buy up to 44.6m depositary shares representing its Series A 7.5% preferred stock and reckons about 34.1m depositary shares were tendered, leaving about 10.5m out. First Chicago Trust Company of New York handled the tender offer and did the counting.
