Metris to prepay $50 million of term debt

By Sara Rosenberg

New York, Nov. 22 - Metris Cos. Inc. plans to make an optional prepayment of $50 million under its $300 million senior secured term loan on Tuesday, according to a company news release.

An optional prepayment of this loan requires a 5% prepayment premium to be paid to the lenders.

"This early payment will reduce our debt levels and decrease our interest expense going forward," said David Wesselink, chairman and chief executive officer, in the release. "We will continue to evaluate opportunities for making further reductions in our debt levels and related interest expense."

Metris is a Minnetonka, Minn., credit card issuer.

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