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Varsity Brands buys back $8.25 million notes at discount
New York, April 30 - Varsity Brands, Inc. said it bought back $8.25 million face amount of its 10.5% senior notes due July 2007 at a discount.
The purchase, made in the open market, was at a cost of $7.9 million.
The Memphis, Tenn. cheerleading and dance team products company said it is required under the terms of the notes to use proceeds from the sale of assets to buy back notes.
Varsity Brands said the assets were sold as part of the company's settlement agreement with Umbro Worldwide relating to litigation it brought against Umbro last year.
Varsity Brands said the purchases fulfill its obligations to repurchase notes with the proceeds from the September 2001 termination of the Umbro License.
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