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Aeroflex plans to redeem up to 35% of 11¾% notes using IPO proceeds
By Angela McDaniels
Tacoma, Wash., April 6 - Aeroflex Inc. plans to redeem up to 35% of its $225 million principal amount of 11¾% senior notes due 2015 using the proceeds from parent company Aeroflex Holding Corp.'s initial public offering of stock, according to an S-1 filing with the Securities and Exchange Commission.
The company will also prepay up to 35% of its 11¾% senior subordinated unsecured term loans due 2015. There was $156.3 million principal amount of these loans outstanding as of Dec. 31, including the accrued paid-in-kind interest.
In both cases, the company will pay 111.75% of par plus accrued interest.
The redemption and prepayment will be made under the equity clawback provisions of the notes and loans.
Plainview, N.Y.-based Aeroflex makes radio frequency and microwave integrated circuits, components and systems used in wireless communication systems.
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