Danka completes redemption of 0% notes

New York, Aug. 20 - Danka Business Systems plc said it completed the redemption of its $47.6 million zero-coupon subordinated notes due April 1, 2004.

The St. Petersburg, Fla. company added that the notes were redeemed at par.

It had put $47.6 million in escrow to redeem the notes when it closed on its sale of $175 million of new senior notes on July 1.

"We are pleased that as part of our successfully completed refinancing, we have been able to pay back these investors at par value, eight months earlier than they anticipated," said Mark Wolfinger, Danka's chief financial officer, in a news release.

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