Hines Horticulture completes refinancing, plans 12¾% note redemption

New York, Oct. 1 - Hines Horticulture Inc. announced the closing of its previously announced refinancing plan, which included the issuance by its wholly owned Hines Nurseries Inc. (B3/B) subsidiary of $175 million principal amount of new 10¼% senior notes due 2011 and a new $185 million senior credit facility.

Hines, an Irvine, Calif.-based nursery operator, said that net proceeds from the refinancing are being used to refinance all borrowings under Hines Nurseries' existing credit facility, and to redeem all of Hines Nurseries' outstanding 12¾% senior subordinated notes due 2005.

Hines gave no timeframe for the expected redemption of the 12¾% notes.

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