SOLA International to redeem 35% of 11% notes

New York, Nov. 4 - SOLA International Inc. said it will redeem 35% of its 11% senior notes due March 15, 2008 with proceeds from a sale of up to 6 million shares of common stock.

The San Diego manufacturer of eyeglass lenses will also use proceeds for general corporate purposes.

The stock offering, from SOLA's recently filed $400 million shelf registration, is part of a recapitalization that also includes a new $175 million six-year term loan and a $50 million five-year revolving credit facility.

The company will also carry out a tender offer and consent solicitation for its 11% senior notes.

The recapitalization is intended to reduce interest expense and leverage and to simplify and add greater flexibility to the company's capital structure, SOLA said in a news release.

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