Finova to make $89.04 million partial principal repayment on 7½% notes

By Jennifer Chiou

New York, July 1 - The Finova Group Inc. will may a partial principal prepayment of $89,038,470 on its 7½% senior secured notes due 2009 with contingent interest due 2016, according to an 8-K filing with the Securities and Exchange Commission.

The company will make the payment plus accrued interest up to but not including Aug. 15 to holders of record as of close of business on Aug. 8.

Scottsdale, Ariz.-based Finova is a financial services holding company that emerged from Chapter 11 bankruptcy in 2001.

Following the prepayment, Finova, which notified trustee The Bank of New York on Friday, will have prepaid 42% of the $2,967,949,000 principal amount outstanding as of Dec. 31, 2003.

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