ADDvantage redeems series B 7% cumulative preferreds

By Devika Patel

Knoxville, Tenn., Nov. 27 - ADDvantage Technologies Group, Inc. said it has redeemed 300,000 shares of its series B 7% cumulative preferred stock, which were all of its outstanding series B preferreds.

The shares were redeemed at par of $12 million plus unpaid dividends of $133,480.

The company financed the redemption by amending and extending an existing term loan facility. The new $16.3 million term debt will mature over five years and requires quarterly principal payments of $407,500 plus interest beginning in January 2008. The loan's interest rate is equal to 1.4% plus the 30-day Libor.

Based in Broken Arrow, Okla., ADDvantage distributes and services a line of electronics and hardware for the cable television industry.

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