Sport Supply retires its 5.75% convertibles using cash, revolver draw

By Susanna Moon

Chicago, Dec. 1 - Sport Supply Group, Inc. said it repaid its $28.9 million of outstanding 5.75% subordinated convertible debentures with cash on hand and borrowings under its $40 million revolving credit facility.

The borrowings under the company's credit facility bear interest at Libor plus 125 basis points. Based on the current rate, interest on the loans is about 1.49% per year.

The company said it estimates that it will save about $2.1 million in interest expense for the 12 months ending June 30, 2010 compared with the 12 months ended June 30 as a result of the lower interest rates and reduced borrowings.

Sport Supply Group is the nation's leading marketer, manufacturer and distributor of sporting goods and branded team uniforms to the institutional and team sports market.

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