Edgen to repay some revolver debt using bond add-on proceeds

By Paul A. Harris and Sara Rosenberg

New York, Dec. 1 - Edgen Corp. plans to repay some revolver debt using a portion of the proceeds from a proposed $30 million add-on to its 9 7/8% senior secured notes due Feb. 1, 2011.

Remaining proceeds will be used to help finance the acquisition of Murray International Metals Ltd. U.S.

Edgen, a distributor of specialty steel pipe, fittings and flanges for use in niche applications, primarily in the oil and gas, processing and power generation industries, has headquarters in Baton Rouge, La.

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