Innophos uses cash to cut debt, redeems 9½% senior notes due 2012

By Lisa Kerner

Charlotte, N.C., April 16 - Innophos Holdings, Inc. used cash on hand to redeem all $56 million of its remaining 9½% senior unsecured notes due 2012.

The notes were redeemed for cash at par plus accrued interest to Thursday, the first day the notes could be redeemed.

"It was an easy decision for us," a company spokesperson said, who noted Innophos has four years left on another set of notes.

As previously reported, the redemption will result in reduced annual after-tax cash interest expense of approximately $3.3 million, or $0.15 per share.

Innophos is a Cranbury, N.J., producer of specialty phosphates.

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