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Dollar General redeems $839.3 million 10 5/8% senior notes due 2015
By Melissa Kory
Cleveland, July 18 - Dollar General Corp. redeemed all $839.3 million of its 10 5/8% senior notes due 2015, according to an 8-K filed with the Securities and Exchange Commission.
The notes were redeemed on July 15 at 105.313 plus accrued interest to the redemption date, or about $928.5 million.
The company expects to record about $60 million of pretax non-operating losses for fiscal 2011 resulting from this note redemption and an April repurchase of $25 million of the notes.
The company funded the redemption with cash on hand and borrowings of $300 million under its senior secured asset-based revolving credit facility.
Dollar General is a Goodlettsville, Tenn.-based discount retailer.
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