Georgia Gulf to redeem all 7 1/8% notes due 2013, 9½% notes due 2014

By Marisa Wong

Madison, Wis., Feb. 16 - Georgia Gulf Corp. said that it plans to redeem all of its outstanding 7 1/8% senior notes due 2013 and 9½% senior notes due 2014 on April 4.

The company expects to redeem a total of $22.1 million principal amount of notes using cash on hand.

"At the beginning of 2010, we communicated two priorities for the use of excess cash: paying down debt and funding accretive growth," said Paul Carrico, president and chief executive officer.

"Today's announcement of $22.1 million of debt reduction is in addition to the $56.4 million we repaid in 2010.

"Our recently announced 2010 financial results demonstrate the cash-generation potential of our integrated chemicals and building products business model, and have provided Georgia Gulf with the free cash that allows us to redeem these obligations prior to their due date," Carrico added.

"We expect to use future excess cash flow to further reduce leverage, enhance shareholder value and to invest and grow our business."

Georgia Gulf is an Atlanta-based manufacturer of chlorovinyls and aromatics and vinyl-based building and home improvement products.

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