Penhall calls 12% senior notes due 2006, 10½% preferreds

By Angela McDaniels

Seattle, Nov. 4 - Penhall International Corp. will redeem all its $100 million outstanding 12% senior notes due 2006 on Dec. 1, according to an 8-K form filed with the U.S. Securities and Exchange Commission on Nov. 1.

The debt will be redeemed at a price of $1,020 per $1,000 principal amount, plus accrued interest through the redemption date.

The aggregate redemption price of the notes is approximately $106 million and will be funded from the proceeds of a recently refinanced revolving credit facility with Deutsche Bank, according to the form.

Penhall also exercised its right to redeem all of its outstanding 10½% senior exchangeable preferred stock for $7.5 million in cash on Dec. 1. National Christian Foundation owns the preferreds.

Penhall is an equipment rental and leasing company based in Anaheim, Calif.

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