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Jump to full article: AP, 2005-04-07
Intro: Dimon Inc., one of the world's largest dealers of leaf tobacco, said Thursday that it will sell about $650 million of debt in a private offering connected to its planned purchase of rival Standard Commercial Corp.
The company, which will change its name to Alliance One International Inc. after the acquisition closes, said it will use the funds, along with borrowings from a new $450 million credit line, to repay outstanding debt.
On Friday, Dimon and Standard Commercial said shareholders of both companies approved the deal and they expect the acquisition to close this month.
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