Delco Remy to redeem 10 5/8% notes with new deal proceeds

New York, March 30 - Delco Remy International Inc. said it will redeem its outstanding 10 5/8% senior subordinated notes due 2006 with part of the proceeds of a planned offering of $125 million second-priority senior secured floating-rate notes due 2009 and $150 million senior subordinated notes due 2012.

The Anderson, Ind., auto parts maker has $140 million of the 10 5/8% notes outstanding.

Other proceeds from the new deal will be used to repay bank debt and for general corporate purposes.

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