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Walter Industries to repay bank debt with convertible sale
New York, April 13 - Walter Industries Inc. said it plans to repay all the $113.8 million outstanding term loans under its senior secured credit facility with proceeds from a planned offering of $125 million convertible senior subordinated notes due 2024. Proceeds will also be used to cover prepayment fees and accrued interest.
The Tampa, Fla., diversified company will also use $10 million to buy shares sold by purchasers of the convertibles and $25 million to buy stock owned by affiliates of Kohlberg Kravis Roberts & Co.
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