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Loxam announces plans to partially redeem 4 7/8%, 7% notes on July 23
By Sarah Lizee
Olympia, Wash., July 13 – Loxam SAS will redeem €60 million, or 20%, of its outstanding 4 7/8% senior secured notes due 2021 and €25 million, or 10%, of its outstanding 7% senior subordinated notes due 2022, according to a notice from the issuer.
The notes will be redeemed on July 23.
The 4 7/8% notes will be redeemed at 101.219% of par plus accrued interest up to but excluding the redemption date.
The 7% notes will be redeemed at 103.5% of par plus accrued interest up to but excluding the redemption date.
The partial redemption will be funded with available cash.
The company said the repayment will lower its annual interest expense by about €5 million.
Loxam is a Paris-based equipment rental company.
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