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Alliant Techsystems plans to redeem 6 7/8% senior notes due 2020
By Marisa Wong
Madison, Wis., Dec. 22 – Alliant Techsystems Inc. plans to purchase or redeem its 6 7/8% senior subordinated notes due 2020 using proceeds from a dividend, together with cash on hand if necessary, according to an 8-K filing with the Securities and Exchange Commission.
The dividend will come from wholly owned subsidiary Vista Outdoor Inc. Alliant is spinning off its sporting group business to shareholders as a newly formed sporting company, Vista Outdoor.
Following the spin-off, Vista Outdoor will use a portion of a new credit facility to pay a cash dividend to Alliant in an amount equal to the amount by which Alliant’s total debt as of the closing date exceeds $1.74 billion.
Alliant Techsystems is an Arlington, Va.-based aerospace, defense and commercial products company.
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