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Aai.FosterGrant swaps $51.53 million notes for equity
New York, June 5 - AAi.FosterGrant, inc. said it exchanged $51.53 million of its 10¾% senior notes due 2006 for equity and obtained a $4 million equity investment.
The Smithfield, R.I. marketer of optical products and costume jewelry said 99% of bondholders agreed to participate in the debt-for-equity swap.
Interest expense will be reduced $6 million annually to $2 million, the company added.
"This marks the rebirth of FosterGrant," said John Ranelli, chairman, president and chief executive officer, in a news release. "The debt-for-equity swap and capital investment give the company fresh resources to invest in the FosterGrant brand and to pursue growth."
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