announced Wednesday the early retirement of 9.125% senior subordinated notes, which are due Oct. 1, 2011. On Oct. 27, the full $225 million notes will be redeemed at a premium of 104.563%, the Radnor, Pa.-based company said.
In the third quarter, the company will recognize a loss of $8 million, or 10 cents a share, on the early extinguishment of debt as redemption premium and the write-off of unamortized debt issuance costs.
The redemption of the notes will be financed with revolving credit facility borrowings, which will save the estimated interest of $500,000 a month, the company added.
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