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Metal Management buys back, redeems 12¾% junior secured notes
New York, Oct. 30 - Metal Management, Inc. said it bought back or redeemed all its outstanding 12¾% junior secured notes during its fiscal second quarter ended Sept. 30.
The Chicago company bought back $30.5 million par amount of the notes on Aug. 14 at a price of 101% of the principal amount, plus accrued interest.
On Sept. 18 it redeemed the remaining $1.0 million principal amount at par plus accrued interest, Metal Management said in a filing with the Securities and Exchange Commission.
The company used availability under its credit facility to fund the repurchase and redemption, using a new $20 million term loan which carries interest at 8.5% initially (calculated as Libor plus 600 basis points with a Libor floor of 2.50%) and revolver borrowings.
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