Northstar calls 10% notes, increases existing credit facilities to $75 million

By E. Janene Geiss

Philadelphia, Dec. 15 - Northstar Aerospace Inc. said it will redeem the remaining $36.68 million of its 10% bonds

due Jan. 13, 2006.

The company said it will fund the redemption by amending its existing credit facilities with its senior lender, increasing the loans to $75 million from $35 million at interest rates consistent with the existing facility.

Calling the notes will save $1.5 million a year in interest expense, the company said.

"These two important milestones are a further demonstration of the confidence in Northstar within the financial community and, together, will contribute to the profitable growth of the company," Mark Emery, president and chief executive officer, said in a statement.

Northstar is a Chicago maker of flight critical gears and transmissions.

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