Labouring under W Michael Blumenthal’s legacy of an intolerable burden of $4,000m of debt, Unisys Corp has turned to one of Sperry’s long-time friends for a little help. Japanese trading giant Mitsui & Co Ltd, which already holds 33% of Nippon Unisys Corp, has agreed to subscribe for $150m of Unisys preferred stock in two series convertible into a 4.6% stake in Unisys, and to make a $50m five-year subordinated loan to the company. The preferred stock will be convertible at the option of Mitsui into Unisys com mon at a conversion price of $20 per share for the $50m Series B and $21 per share for the $100m Series C. Both series of preferred stock will pay quarterly dividends at 8.875% per annum for the first five years and 9.5% per annum for the next two years. The five-year subordinated loan is unsecured and will bear interest at the rate of 11.375% per annum, payable quarterly. Mitsui has agreed to sell any Unisys shares it buys in the market after the term of the agreement, and Unisys will guarantee that it gets back at least what it paid for the shares. Further joint ventures between the two are also planned.