TriMas retires $31.8 million senior subordinated notes for $16 million in first quarter

By Devika Patel

Knoxville, Tenn., May 6 - TriMas Corp. retired about $31.8 million of its senior subordinated notes in open market transactions for about $16 million during the first quarter, according to a company earnings report.

"It comes as no surprise that this was a challenging quarter from an operating standpoint for the majority of our businesses," TriMas president and chief executive officer David Wathen said in the report.

"That said, our cost reduction and leverage-related actions are already having a positive effect on our results and that should continue throughout the year. [... We] reduced the company's total indebtedness by $45 million during the first quarter. Our recent actions will reduce our annual interest expense by about $6 million."

The company is a Bloomfield Hills, Mich., manufacturer of engineered products.

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