GenCorp, a defense, aerospace and real estate company in Rancho Cordova, said on Monday they will be offering $125 million in bonds to refinance their existing debt.
GenCorp, whose most notable subsidiary is Aerojet, said they expect to offer purchasers up to an additional $18.75 million to cover any over-allotments, and the bonds can be converted into stock at a rate and price yet to be determined.
Interest on the bonds will be payable semi-annually, the company said, and the bonds will mature on Dec. 31, 2039. The company will also reserve the right to repurchase the bonds at any time if certain conditions are met, payable at 100 percent of the purchase price and including any unpaid interest.
GenCorp was established in 1915 as the General Tire & Rubber Company, and was renamed when the company was formed as a parent holding company. GenCorp currently owns over 12,200 acres of land in the Sacramento area. The company says their land holding is one of the largest single-owner land tracts suitable for development in the region.
[...] GenCorp, the parent company of Aerojet, has announced an offering of $125 million in bonds. [...]