[Federal Register Volume 63, Number 197 (Tuesday, October 13, 1998)]
[Notices]
[Pages 54738-54739]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-27359]
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SECURITIES AND EXCHANGE COMMISSION
[File No. 1-13574]
Issuer Delisting; Notice of Application To Withdraw From Listing
and Registration; (Johns Manville International Group, Inc., 10\7/8\%
Senior Notes due 2004)
October 6, 1998.
Johns Manville International Group, Inc. (``Company'') has filed an
application with the Securities and Exchange Commission
(``Commission''), pursuant to Section 12(d) of the
[[Page 54739]]
Securities Exchange Act of 1934 (``Act'') and Rule 12d2-2(d)
promulgated thereunder, to withdraw the above specified security
(``Security'') from listing and registration on the New York Stock
Exchange, Inc. (``NYSE'' or ``Exchange'').
The reasons cited in the application for withdrawing the Security
from listing and registration include the following:
The Security is listed for trading on the NYSE. The Security is not
listed on any other exchange.
On May 8, 1998, the Company completed a tender offer and consent
solicitation with respect to the Security. The consent solicitation
resulted in substantial amendments to the Indenture governing the
Security. Among other things, the amendments removed from the Indenture
a convenant of the Company to deliver to Security holders reports
required to be filed with the Commission or substantially equivalent
reports if the Company was no longer required to file such reports with
the Commission. In its offering/solicitation document, the Company
advised the Security holders that it anticipated that the Security
would be delisted from the NYSE after the offer. Holders of
approximately 97.5% of the Security tendered their Security and
consented to the proposed amendments to the Indenture.
The Company believes that its application to withdraw the Security
from listing and registration on the NYSE should be granted for the
following primary reasons.
1. The aggregate principal of the Security that remains issued and
outstanding is small. Only $2,525,000 of the original $400,000,000 in
the Security remains outstanding after completion of the tender offer.
The Company intends to redeem these remaining Securities on December
15, 1999.
2. The Security is held by a small number of holders. The Company
believes that as of September 11, 1998, there was one record holder and
27 beneficial holders of the Security. The Company believes that it
would be impractical to locate these Security holders at the present
time.
3. The Company believes that there is essentially no trading in,
and therefore no market for, the Security that remains outstanding. The
NYSE informed the Company on August 27, 1998, that, except for limited
trading in February and March, there has been no reported trading in
the Security over the last 12 months. Because of the small number of
holders, the Company believes that it is unlikely that there will be
any significant public interest in trading the Security on the NYSE in
the future.
The Company has notified the NYSE of its intent to delist the
Security and the NYSE has verbally informed the Company that it will
not object to the delisting of the Security.
Any interested person may, on or before October 28, 1998, submit by
letter to the Secretary of the Securities and Exchange Commission, 450
Fifth Street, N.W., Washington, D.C. 20549, facts bearing upon whether
the application has been made in accordance with the rules of the
Exchange and what terms, if any, should be imposed by the Commission
for the protection of investors. The Commission, based on the
information submitted to it, will issue an order granting the
application after the date mentioned above, unless the Commission
determines to order a hearing on the matter.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.
Jonathan G. Katz,
Secretary.
[FR Doc. 98-27359 Filed 10-9-98; 8:45 am]
BILLING CODE 8010-01-M
