Directed Electronics to use some IPO proceeds to prepay notes

By Ted A. Knutson

Washington, Aug. 24 - Directed Electronics, Inc. announced a $225 million gross planned initial public offering of common stock and said some proceeds would be used to prepay $37 million in principal of senior subordinated notes due June 2011.

The notes carry an interest of Libor plus 800 basis points.

There will be a $740,000 prepayment penalty.

The underwriters are Goldman, Sachs & Co., JPMorgan, CIBC World Markets, Wachovia Securities and Citigroup.

The Vista, Calif.-based electronics maker made the announcement in an S-1 filing with the Securities and Exchange Commission.

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