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Hercules Trust I, 9.42% TOPrS Trust Orig Preferred Securities
Ticker Symbol: HPC-A* CUSIP: 427097209 Exchange: NYSE
* NOTE: This security is no longer trading as of 5/10/2004
Security has been Called for: Monday, May 10, 2004
April 8, 2004--Hercules Incorporated today announced the closing of the refinancing of its senior bank credit facility in the amount of $400 million of a new term loan and a $150 million committed revolving credit facility and the private offering of $250 million of 6 3/4% senior subordinated notes due 2029. The Company intends to use the proceeds of the bank refinancing and the note offering to refinance its existing bank credit facility and its 9.42% junior subordinated deferrable interest debentures due 2029, after the debentures are distributed to the holders of Hercules Trust I's 9.42% trust preferred securities (NYSE:HPC PrA), and for general corporate purposes. In connection with the refinancing of the debentures, the Company will cause Hercules Trust I to be dissolved, the debentures to be distributed to the holders of the trust preferred securities and notice of the redemption of the debentures to be given to the holders thereof. The redemption date will be May 10, 2004.
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QUANTUMONLINE.COM SECURITY DESCRIPTION: Hercules Trust I, 9.42% Trust Originated Preferred Securities, (TOPrS), liquidation amount $25 per share, guaranteed by Hercules Inc. (NYSE: HPC), redeemable at the issuer's option on or after 3/17/2004 at $25 per share plus accrued and unpaid dividends, maturing 3/31/2029, distributions of 9.42% per annum are paid quarterly on 3/31, 6/30, 9/30 & 12/31 to holders of record one business day prior to the payment date while the securities remain in global security form. The company has the right, at any time, to defer interest payments for up to 20 consecutive quarters (but not beyond the maturity date). The trust's assets consist of the 9.42% Junior Subordinated Deferrable Interest Debentures due 3/31/2029 which were purchased from the company using the funds generated from the sale of the trust preferred securities. See the IPO prospectus for further information on the trust preferred securities by clicking on the ‘Link to IPO Prospectus’ provided below.
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Go to Parent Company's Record (HPC)
IPO - 3/15/1999 - 14.00 Million Shares @ $25.00/share.
Link to IPO Prospectus
Market Value $248.0 Million
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Company's Online Information Links
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| Company's Online SEC EDGAR Filings |
| Company's Email Address Links |
| Address and Phone Numbers |
| Address: Hercules Plaza, 1313 North Market Street, Wilmington, DE 19894 |
| Main Phone Number |
302-594-5000 |
| Fax Number |
302-594-5400 |
| Investor Contact
Allen A. Spizzo
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302-594-6491
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Toll Free Phone Number |
Unknown |
| CEO - Dr. William H. Joyce |
CFO - Stuart C. Shears |
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