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KinderCare to redeem $40 million 9½% notes
New York, Jan. 23 - KinderCare Learning Centers Inc. said it will redeem $40 million principal amount of its 9½% senior subordinated notes due 2009 on Feb. 18.
The Portland, Ore., provider of early childhood education and care to children will fund the redemption with cash flow from operations, proceeds received from sale-leaseback transactions and borrowings under its credit facility, to the extent necessary, according to a filing with the Securities and Exchange Commission.
The redemption follows repurchases of $4.3 million of the notes during the quarter to Dec. 12 - KinderCare's second fiscal quarter - and $41.0 million during the first fiscal quarter. In total the company paid $45.4 million for the $45.3 million of notes bought back in the two quarters. It also bought back $11.0 million of the notes at a cost of $11.1 million in the first fiscal quarter in a transaction committed to at the end of fiscal 2003.
As of Dec. 12, KinderCare had $233.7 million of the notes outstanding.
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