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7. Final Stage of Colgate's Partnership Strategy
ACM made additional purchases of Colgate debt from the
marketplace as follows:
Aggregate
Issue Principal Purchase
Acquired Date Amount Price
Euro Notes 6/1/90 $5,000,000 $5,154,861
Long Bonds 9/6/90 4,000,000 3,864,622
Euro Notes 9/11/90 1,750,000 1,859,132
Long Bonds 9/12/90 6,000,000 5,852,290
Euro Notes 10/23/90 2,000,000 2,159,389
There were also exchanges between ACM and Colgate of the
Met Note and approximately one-third of the Long Bonds. In
January 1990, ACM exchanged the Met Note for a new Colgate Note
with substantially identical terms. This new note was, in turn,
exchanged on July 26, 1990, for the purpose of rescheduling
certain payments.
ACM made two exchanges of the Long Bonds, which totaled
$10 million. On December 13, 1989, ACM exchanged $4.7 million
principal amount of Long Bonds for $5 million principal amount of
Colgate 8.72-percent notes due June 13, 1993. On March 1, 1991,
the partnership exchanged $4.85 million principal amount of Long
Bonds for $5 million principal amount of Colgate Notes due in
1994. The exchanges of the Long Bonds had the effect of reducing
Colgate's original average debt maturity of 13 years by only
2 months (or 1 percent).
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