Finova to prepay $59.4 million 7½% notes March 15

By Ted A. Knutson

Washington, Feb.1 - The Finova Group Inc. said it will make a partial prepayments of $59.4 million on its 7½% senior secured notes due 2009 with contingent interest due 2016.

The payments will be made on March 15 to holders of record as of 5 p.m. ET on March 8.

Interest will be paid up to Feb. 1 on the prepayment.

Including the upcoming prepayment, the Scottsdale, Ariz.-based finance company will have prepaid 37.0% of the $2.97 billion principal outstanding on Dec. 31, 2003.

Finova made the announcement in an 8-K filing with the Securities and Exchange Commission

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