Noteworthy Centocor's equity for debt swap

Wall Street has speculated for years about how Centocor Inc. would manage both its debt load and the potential dilution from conversion of that debt into common stock. Last week CNTO started its long-awaited financial restructuring.

The Malvern, Penn., company filed to sell 3.5 million shares of common stock (see Offerings), and plans to use the proceeds to call for redemption of its $106.6 million in U.S. 7 1/4 percent