Material Sciences repays remaining $7.8 million notes

Pittsburgh, June 2 - Material Sciences Corp. made a principal payment of $7.8 million plus accrued interest of $300,000 and a contractual debt prepayment penalty of $700,000 to the remaining holders of its privately placed senior notes, issued in 1998.

The prepayment, which paid the notes off entirely, was made on May 28 and was funded by cash on hand and the debt available under the April 30 amended and restated line of credit.

MSC repaid the other 1998 senior notes on May 10.

The company's remaining noteholders elected May 12 to postpone redemption and waive the non-compliance with the minimum net worth covenant until June 1 or prepayment of the notes.

MSC is an Elk Grove Village, Ill., provider of material-based solutions for electronic, acoustical thermal and coated metal applications.

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