Georgia Gulf calls senior subordinated notes due 2016

By Tali David

Minneapolis, Sept. 15 - Georgia Gulf Corp. announced that it will redeem its senior subordinated notes due 2016 on Oct. 20.

The company will pay 105.375% of par.

As of Sept. 15, there were $41.9 million of the notes outstanding.

"During the past two years, we have communicated that our priorities for the use of excess cash are paying down debt and funding accretive growth," said Paul Carrico, president and chief executive officer, in a news release. "The continued improvement of our integrated chemicals and building products business model has enabled us to generate the free cash needed to achieve our priority of redeeming these obligations prior to their due date.

"Today's announcement of $41.9 million of debt reduction is in addition to the $22.1 million we repaid in April 2011," Carrico added. "We expect to use future excess cash flow to further reduce leverage, enhance shareholder value, and to invest and grow our business."

Georgia Gulf is an Atlanta-based manufacturer of chemical lines, vinyl-based building and home improvement products.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.