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HD Supply to fully redeem $888.93 million 13½% notes due 2015
By Toni Weeks
San Diego, Jan. 10 - HD Supply, Inc. plans to redeem all $888,926,664 of its outstanding 13½% senior subordinated notes due 2015 on Feb. 8, according to an 8-K filed with the Securities and Exchange Commission.
The notes will be redeemed at 103.375 plus accrued interest of $58.875 per $1,000 principal amount of notes.
The redemption is conditional on the company incurring $950 million of new debt. HD Supply priced an upsized $950 million issue of eight-year senior subordinated notes at par to yield 10½% on Jan. 9, as reported by Prospect News.
The redemption may be delayed to March 11 at the company's option to obtain the satisfaction of any necessary conditions.
Wells Fargo Bank, NA is the trustee.
HD Supply is an Atlanta-based wholesale distributor for the infrastructure and energy, maintenance, repair and improvement and specialty construction sectors.
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