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Computer Sciences to redeem $1 billion notes with loan, note proceeds
By Toni Weeks
San Diego, Sept. 14 - Computer Sciences Corp. plans to redeem $300 million of 5% senior notes due February 2013 and $700 million of 5½% senior notes due March 2013, according to a press release.
The notes will be redeemed Oct. 19 at a redemption price that is the greater of par and the sum of the present values of the remaining scheduled payments of principal and interest discounted to the redemption date on a semiannual basis at the Treasury rate plus an additional amount.
The company will use the proceeds of a planned $250 million four-year term loan and a public offering of $700 million senior unsecured notes to redeem the notes.
The company priced $350 million of 2½% senior notes due 2015 and $350 million of 4.45% senior notes due 2022 on Tuesday. Settlement is expected Sept. 18.
Computer Sciences is a Falls Church, Va.-based provider of technology-enabled business solutions and services.
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