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Knowles to call notes, repay bank debt as part of acquisition by Dover
New York, Aug. 23 - Knowles Electronics Holdings, Inc. will call its 10% and 13 1/8% senior subordinated notes due 2009 for redemption within 30 to 60 days of the closing of the acquisition of the company by Dover Corp.
In addition, borrowings on Knowles' senior credit facility will be repaid at the closing of the transaction, according to an 8-K filing with the Securities and Exchange Commission.
Dover announced on Aug. 21 that it will acquire Knowles for $750 million in cash.
As of June 30, Knowles had $142.1 million of credit facility borrowings, $10 million of the 10% notes and $151.3 million of the 13 1/8% notes outstanding, according to its most recent 10-Q filing with the Securities and Exchange Commission.
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