Forstmann completes public stock sale. (Forstmann and Company Inc. completes public stock sale and exchange of $46,240,100 in subordinated notes for cash and unregistered common stock; announces appointment of Christopher L. Schaller as chairman) (Brief Article)

Daily News Record, March, 1992

NEW YORK (FNS)--Forstmann & Co. said Thursday that it has completed its public stock sale and exchange of $46,240,100 in subordinated notes for cash and unregistered common stock.

The notes represent about 45 percent of those outstanding. As noted, Forstmann sold 2,750,000 shares of common stock to the public at $9 a share. Most of the proceeds were used for the $19,596,758 cash payment toward the purchase of the subordinated notes. In addition, 2,420,904 shares of registered stock were paid out in the exchange. All the notes tendered in the exchange were owned by Odyssey Partners, Forstmann's principal shareholder.

Forstmann also announced that Christopher L. Schaller, president and chief executive officer, was named chairman in addition to his other posts.