SMK Speedy to repay all $19 million senior subordinated notes

By Jennifer Chiou

New York, May 15 - SMK Speedy International Inc. said it will use the partial proceeds from the sale and leaseback of some of its real estate to buy back all $19 million of its senior subordinated notes along with $1.5 million of deferred interest.

The Toronto-based automobile service company said that holders should receive payments from Computershare Trust Co. of Canada within 10 days.

On April 3, the company said that a majority of noteholders agreed to amendments, allowing the company to use the proceeds of a real estate sale to repay the notes and at least $1 million of deferred interest.

SMK Speedy announced the redemption on Jan. 26.

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