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VS Holdings plans redemption of $165 million floaters due 2012, paydown of revolver
By Jennifer Chiou
New York, May 23 - VS Holdings, Inc. plans to redeem $165 million of its second-priority senior secured floating-rate notes due 2012 using proceeds from a proposed $150 million offering of common stock and borrowings under a new term loan, according to an S-1 filing with the Securities and Exchange Commission.
The North Bergen, N.J.-based specialty retailer and direct marketer of vitamins, minerals, herbs, supplements, sports nutrition and other health and wellness products said it also plans to redeem some of its series A preferred stock.
Remaining proceeds will be used for general corporate purposes, including the repayment of amounts owed under the company's revolving credit facility.
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