Pioneer to redeem $50 million 10% notes due 2008

By Jennifer Chiou

New York, Dec. 9 - Pioneer Cos., Inc. announced the voluntary Jan. 13 redemption of subsidiary PCI Chemicals Canada Co.'s $50 million of 10% senior secured guaranteed notes due 2008.

The redemption price will be 105% of par plus accrued interest.

"The debt reduction effected by this action is the result of the combined effort of Pioneer employees at all of our locations and at all levels of the company," chairman David Weinstein said in a news release.

"This repayment strengthens our balance sheet and expresses our belief in the strength and future of this company and its ability to continue to generate strong earnings and cash."

The chemical company said $100 million of notes will remain outstanding after the redemption.

Houston-based Pioneer manufactures chlorine, caustic soda, bleach, hydrochloric acid and related products used in water treatment, plastics, pulp and paper, detergents, agricultural chemicals, pharmaceuticals and medical disinfectants.

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