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Associated Materials to redeem 9 1/8% notes with funds from stock sale
By Marisa Wong
Madison, Wis., July 15 - Associated Materials Group, Inc. plans to redeem its 9 1/8% notes due Nov. 1, 2017 using proceeds from an offering of common stock, according to an S-1 filing with the Securities and Exchange Commission.
The redemption amount and redemption price have yet to be determined.
As of June 1, $830 million principal amount of the notes was outstanding.
Associated Materials originally issued $730 million of the 9 1/8% notes in October 2010. On May 1, Associated Materials issued another $100 million of the 9 1/8% notes in a private placement.
The company said it intends to use remaining proceeds from the stock offering for general corporate purposes.
Associated Materials manufactures and distributes exterior residential building products and is based in Cuyahoga Falls, Ohio.
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