Amadeusz Juskowiak

Schult homes offering priced at five dlrsunit

The underwriters said the initial offering of 833334 Schult Homes Corp units is being made at five dlrs per unit

The underwriters managed by Janney Montgomey Scott Inc and Woolcott and Co Inc said each unit consits of one common share and one warrant to purchase onehalf a common share at 550 dlrs per share until September one 1989 and thereafter at 650 dlrs per share until March 1991 The underwriters were granted an overallotment option of 125000 units

They said the company will use its proceeds to pay a portion of its subordinated note payable to Inland Steel Urban Development Corp issued in connection with the acquisition of Schult from Inland Based in Elkhart Ind Schult is the countrys oldest manufactured home producer