Sterling Chemicals purchases $15 million 10¼% notes in first quarter

By Toni Weeks

San Diego, May 13 - Sterling Chemicals, Inc. purchased $15 million of its 10¼% secured notes due April 1, 2015 for $15.6 million in cash in the open market during the first quarter of 2011, according to a 10-Q filing with the Securities and Exchange Commission.

The $600,000 premium, along with $400,000 of expenses from writing off a portion of the related debt issue costs of the notes, resulted in a $1 million loss on the purchase of the notes.

Sterling is a Houston-based petrochemicals company.

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