The remaining common shareholders in Prime Computer Inc have approved the buyout of the remaining shares outstanding by the vehicle of J H Whitney & Co formed to acquire Prime: each share still out has been converted into the right to receive a $22 principal amount 15.5% Senior Subordinated Debenture due 2002 junk bond – leaving the company with a daunting level of debt to service; the Whitney vehicle has completed the refinancing of the $380.9m principal amount of bank debt incurred to finance its tender offer for 79% of Prime’s shares, getting $355m in term loans from its bank group, $70m from the sale of senior secured zero coupon notes due 1996 to Prudential Insurance Co of America and related entities and another $86m of senior subordinated loans.
