Orange County sells bonds
Orange County made its much-anticipated return to the bond market yesterday, finding generally good demand for $295 million of new bonds.
The sale was the first time the Southern California county sold bonds since it sought bankruptcy protection in December, after suffering a $1.67 billion loss in its investment fund. Proceeds from the bonds will help repay more than 200 cities and school districts that had invested in the fund.
Orange County paid about $8 million to insure the new bonds against default and win the highest investment grade rating, triple-A.
Even with that insurance, the yield of the bonds ranged from 5.10 percent for 6-year notes to 6.10 percent for 20-year bonds -- about 15 to 20 basis points above comparable issues.
Genstar president to retire
Genstar Stone Products Co. has announced that Bernard L. Grove Jr. will retire as president effective Jan. 1, 1996. Donald E. Bowman, executive vice president of the Hunt Valley construction materials company, will replace Mr. Grove and assume all operating responsibilities as of July 1, the company said.
Mr. Grove, president since 1991, will serve as an adviser to Genstar through September 1997.
Tokyo stocks fall below key level
Share prices on the Tokyo Stock Exchange slumped yesterday, extending the decline that has taken the market's best-known indicator below 15,000 for the first time in nearly three years. The Nikkei Stock Average of 225 selected issues dropped 213.78 points, or 1.44 percent, closing at 14,599.68. Today in Tokyo, stocks opened sharply higher, but by late morning the Nikkei 225 had fallen back to the 14,670 level.
London Fog gets licensing deal
Eldersburg-based London Fog Corp. announced yesterday a licensing agreement with Amerex USA, a New York-based apparel importer, to manufacture children's outerwear and rainwear under London Fog's labels. The new clothing is expected to hit store shelves in the fall of 1996.
Ad spending expected to rise
Domestic advertising spending is expected to rise by about 7.9 percent this year and 8 percent in 1996, an industry forecaster said yesterday.
The 1995 outlook is stronger than it was only six months ago, said Robert Coen, who tracks ad trends for the ad agency McCann-Erickson Worldwide and is widely followed in the industry.
Sysco executive named
Larry G. Pulliam has been named executive vice president of Smelkinson Sysco Food Services Inc., a Sysco Corp. subsidiary in Jessup.
Mr. Pulliam, 39, previously was vice president-operations at Sysco Food Services in Los Angeles.