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Filtronic to redeem 10% notes
New York, Jan. 16 - Filtronic plc (B1/CCC+) said that it plans to redeem all $74 million of its outstanding 10% senior notes due 2005 on Feb. 17, in accordance with the terms of the notes indenture.
The Shipley, West Yorkshire, U.K.-based microwave subsystems company said in a 6-K filing with the Securities and Exchange Commission that that the notes will be redeemed at 102.5% of the principal amount of the notes, plus any additional amounts for applicable withholding taxes and accrued and unpaid interest up to the date of the redemption.
The Bank of New York in London will be the paying agent for the redemption transaction
The redemption will be funded with the proceeds of a term loan facility which the company disclosed in a separate 6-K SEC filing.
Filtronic said that it had entered into a £50 million term loan facility with Barclays Bank plc and HSBC plc.
Besides the redemption of the remaining outstanding 10% notes, the proceeds of the new facility will be used to refinance £10 million of short-term bank debt which Filtronic utilized on Dec. 1 to repurchase $16.033 million of the 10% notes.
Filtronic originally issued $170 million of the 10% notes in December 1998. The outstanding amount has since been reduced by a series of earlier partial note redemptions and buybacks.
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