Atlantic Express calls 12% notes, floaters due 2008, PIK notes due 2008

By Jennifer Chiou

New York, May 15 - Atlantic Express Transportation Corp. announced the redemption of its 12% senior secured notes due 2008, senior secured floating-rate notes due 2008, pay-in-kind fixed-rate notes due 2008 and PIK floating-rate notes due 2008.

The company said it will pay 103% plus accrued interest, including 2% per year for additional PIK interest, up to the May 30 redemption date.

The Staten Island, N.Y.-based school bus operator previously said it will use the partial proceeds from a proposed offering of $165 million of senior secured floating-rate notes due 2012 for the redemption.

Remaining proceeds will go toward general corporate purposes.

The company announced plans for the redemption on April 19.

The Bank of New York is the trustee.

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