La Petite plans to call 10% notes sometime before Oct. 15

By Angela McDaniels

Seattle, Aug. 14 - La Petite Academy, Inc. plans to use the proceeds from a proposed $215 million senior secured credit facility to redeem its 10% senior notes due 2008, according to an 8-K report filed with the Securities and Exchange Commission on Monday.

The company amended the indenture governing the notes on Friday so that it may incur up to $225 million of additional debt without triggering an event of default. To avoid the event of default, the company must mail a notice of redemption for the notes prior to incurring the debt and prior to Oct. 15.

La Petite is a Chicago-based for-profit preschool provider and a wholly owned subsidiary of LPA Holding Corp.

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