Stratus Technologies pays down revolver, senior-lien credit agreement

By Tali Rackner

Norfolk, Va., April 28 - Stratus Technologies Inc. and Stratus Technologies Bermuda Ltd. announced that they repaid all of the outstanding debt under the senior secured revolving credit facility dated April 8, 2010 and first amended and restated second-lien credit agreement dated Aug. 28, 2006, according to a 6-K filing with the Securities and Exchange Commission.

The companies also said they plan to redeem all of their outstanding senior secured notes due March 29, 2015 at 112 plus accrued interest on May 28.

These actions are in connection with the completion of Stratus Technologies Bermuda Holdings Ltd.'s sale of all of the issued share capital of its wholly owned subsidiary, Stratus Technologies Bermuda Ltd., to Storm Private Holdings II Ltd. in exchange for the payment by the buyer of certain debt of the company and its affiliates and certain transaction expenses.

Stratus Technologies Bermuda Holdings is a Hamilton, Bermuda-based software and hardware technology company. Stratus Technologies Inc. is a Maynard, Mass.-based provider of infrastructure-based solutions that keep applications running continuously.

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