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HD Supply to redeem 11% notes due 2020 after refinancing term loan
By Susanna Moon
Chicago, Aug. 3 – HD Supply Holdings, Inc.’s indirect wholly owned subsidiary, HD Supply, Inc., plans to redeem all of its outstanding 11% senior secured second-priority notes due 2020 after refinancing its term loan.
The company plans to obtain a new senior secured term loan facility, with proceeds to be used, along with cash on hand and borrowings under its existing senior secured revolving facility, to refinance its existing senior secured term loan facility.
The new senior secured term loan is expected to mature in 2021 and will permit the company to pay down some debt, including using the expected proceeds of its power solutions business unit to redeem its 11% notes, according to a company press release.
The power solutions transaction is expected to close in the fiscal third quarter, but the company said that it could not assure that it would happen or that it would obtain the new facility.
HD Supply is an Atlanta-based industrial distributor.
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