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Purina Mills Goes Solo, Racks up Debt in Buyout Move. (Originated from St. Louis Post-Dispatch)
Knight Ridder/Tribune Business News, August, 1993 by Stroud, Jerri
Aug. 5--Purina Mills Inc. will end up with $358.5 million in debt when it completes a complex buyout that includes an outside investment group, managers and employees of the nation's largest feed company.
The borrowing amounts to 81.85 percent of Purina Mills' capital. The Sterling Group of Houston is managing the $425 million buyout of Purina Mills, which British Petroleum PLC bought from Ralston Purina Co. in 1986.
BP is shedding its $2 billion nutrition business, which includes Purina Mills in the United States and BP Nutrition Inc. in Europe. BP mulled offers for Purina Mills from a variety of companies. The company also explored a public stock offering before choosing the buyout offer from the Sterling Group in June.
The companies plan to wind...
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