Douglas Dynamics redeems all 7¾% notes at 101.9 via IPO proceeds

By Jennifer Chiou

New York, June 10 - Douglas Dynamics LLC announced the redemption of all $150 million of its 7¾% senior notes due Jan. 15, 2012 at 101.9.

The company also paid accrued interest of $4.7 million as well as an associated redemption premium of $2.9 million, amounting to a total redemption price of $157.6 million.

In an S-1 filed with the Securities and Exchange Commission on Jan. 29, the company announced plans to redeem the notes using proceeds from its $150 million initial public offering of common stock.

Along with the IPO proceeds, the company used proceeds from the increase in its term loan as well as cash on hand for the redemption.

U.S. Bank NA is the trustee.

Douglas Dynamics is a Milwaukee, Wis., manufacturer, seller and supporter of snow and ice control equipment.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.