Actuant to repay some bank debt with convertible proceeds

By Sara Rosenberg

New York, Nov. 3 - Actuant Corp. said it plans on repaying a portion of the outstanding borrowings under its senior credit facility with proceeds from a $100 million convertible senior subordinated debenture offering.

Proceeds from the convertibles will also be used for general corporate purposes, which may include possible repurchases of outstanding 13% senior subordinated notes due 2009, working capital and possible future acquisitions, according to a news release.

Actuant is a Milwaukee manufacturer and marketer of industrial products and systems.

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