Student Transportation extends maturity of $35 million notes to 2016

By Lisa Kerner

Charlotte, N.C., Nov. 10 - Student Transportation Inc. announced it extended its $35 million of senior notes due Dec. 15, 2011 for an additional five-year period at a new rate of 4.24%. The initial fixed coupon was 5.94%.

The annualized interest rate savings to Student Transportation will be about $593,000, according to a company news release.

Sun Life Assurance Co. of Canada and London Life Insurance Co. are noteholders.

The company also recently extended its senior bank credit facility, chief financial officer Patrick J. Walker said in the release, enabling Student Transportation to lock in its total senior debt through 2016 "at very attractive rates."

Student Transportation is a school bus transportation services company based in Barrie, Ont.

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