Ingram Micro to redeem all $200 million 9 7/8% notes

By Jennifer Chiou

New York, July 18 - Ingram Micro Inc. announced it will redeem all outstanding $200 million of 9 7/8% senior subordinated notes due 2008 at 104.938% of par, according to an 8-K filing with the Securities and Exchange Commission. Ingram will also pay accrued interest.

In a move to cut financing costs, the company intends to redeem the notes on Aug. 15.

JPMorgan Chase Bank, NA is trustee and paying agent.

Ingram Micro is also closing its position under the related interest rate swap agreements, which swapped its fixed-rate obligation on the notes for a floating rate of 90-day Libor plus 426 basis points.

The Santa Ana, Calif., company is an information technology wholesale distributor.

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