Interest expense declined to $28.4 million in 2011, a reduction of $16.2 million compared with 2010. The reduction was driven by lower average borrowing levels, reduced average interest rates on borrowings and reduced amortization of debt issuance costs. Interest expense in 2010 included a $2.3 million write-off of debt issuance costs related to prepayments of the Company’s term loans.Losses on extinguishment of debt were minimal in 2011, down from $23.0 million in 2010. The 2010 losses included a write-off of unamortized fees and the difference between the carrying value and the fair value of the portion of the Company’s 6.5% Convertible Senior Notes purchased during 2010. The purchases were made as a result of a tender offer and subsequent purchases of the notes. The losses on extinguishment also included a write-off of unamortized fees associated with the Company’s previous credit facility.
Ferro Reports 2011 Fourth-Quarter And Full-Year Results
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