USA: SureBeam completes exchange of US$75m debt for SureBeam Stock
San Diego, California-based SureBeam Corporation today [Tuesday] announced that it completed on 13 February the exchange of all of its US$75m of debt with its parent company, Titan Corporation, in accordance with an October 2001 agreement between the two companies. Under the terms of the agreement, Titan exchanged all of SureBeam's US$75m debt for SureBeam common stock at an average price of US$9.54 per share. On 17 October 2001, Titan announced that its Board of Directors had adopted a definitive plan to spin off SureBeam in the form of a tax-free stock dividend to Titan shareholders. The equity Titan received as a result of this exchange is planned to be included in that tax-free stock dividend to Titan shareholders.
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