Integrated Electrical calls $75 million 9 3/8% notes

New York, Feb. 27 - Integrated Electrical Services Inc. said it called for redemption $75 million of its 9 3/8% senior subordinated notes.

The notes are currently callable at a premium of 4.7%.

The Houston electrical contractor funded the redemption with proceeds from a new $50 million term loan and cash.

"The new facility and the retirement of $75 million of 9 3/8% debt will allow IES to lower its overall leverage and reduce interest costs," said president and chief executive officer Roddy Allen in a news release. "This is another step in implementing a more conservative capital structure and increases IES' overall financial flexibility."

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