Actuant repurchased some 13% notes

New York, Oct. 1 - Actuant Corp. (B2/B) said it has repurchased approximately $15 million principal amount of its 13% senior subordinated notes due 2009.

It said that it funded the repurchases from borrowings under its existing senior secured credit facility. Following the repurchases, approximately $95 million of the notes remain outstanding (the company originally issued $200 million of the notes in July 2000).

Actuant, a Milwaukee-based diversified industrial manufacturer, said that it had purchased the notes at a premium on the open market since the end of its fiscal year on Aug. 31.

Actuant said that the note buybacks will result in a charge of approximately $4.4 million in the first quarter of fiscal 2004, representing the combination of premiums paid above face value for the notes, fees and expenses, and the non-cash write-off of a portion of capitalized debt issuance costs.

Actuant, in announcing its fourth-quarter and fiscal year results, said that its net debt (total debt less cash) decreased to approximately $165 million as of Aug. 31, due to strong earnings and working capital reductions. Total debt has declined by more than $280 million over the 37 months since the company was spun off as an independent entity in 2000.

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