Finova to prepay $178.1 million on 7½% senior secured notes due 2009

By Jeff Pines

Washington, Dec. 1 - The Finova Group Inc. will make a partial payment of $178.1 million on its 7½% senior secured notes due 2009 on Jan. 18.

Finova reported the prepayment in an 8-K filed with the Securities and Exchange Commission Wednesday.

Payments will be made to holders of record as of Jan. 10.

Including the Jan. 18 prepayment, Finova will have prepaid 33% of the notes. As of Dec. 31, 2003, there were $2.97 billion of the notes outstanding.

Finova is a Scottsdale, Ariz., financial services company.

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