Interactive Health to redeem some 7¼% notes with IPO proceeds

New York, April 29 - Interactive Health Inc. said it plans to redeem some of its 7¼% senior notes due 2011 using part of the proceeds of a planned initial public offering of up to $80 million of common stock.

The Long Beach, Calif., manufacturer of robotic massage chairs and zero gravity chairs did not specify how much of the proceeds would be used to redeem the notes. Remaining proceeds will be used for working capital and general corporate purposes.

The IPO was registered with the Securities and Exchange Commission in an S-1 filing Thursday. Thomas Weisel Partners LLC and Wachovia Securities were named as lead managers.

Part of the stock to be sold in the IPO will be offered by selling stockholders and will not result in any proceeds to the company.

Interactive Health priced $80 million proceeds, $100 million face amount of the 7¼% notes on March 23.

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