Playtex brings debt buybacks to $120 million, passing $100 million target for 2005

New York, Oct. 26 - Playtex Products, Inc. said it has bought back $120.8 million of its debt so far in 2005, beating its target of $100 million for the year.

Through the end of the third quarter, repurchases totaled $100.8 million and the company bought back a further $20.0 million during October.

Bond repurchases to date will save $10 million a year in cash interest, Playtex said.

As of Oct. 1, the Westport, Conn., consumer products company had $699.17 million of long-term debt, down from $800 million on Dec. 25, 2004.

Announcing its third quarter earnings, Playtex said cash flow trends remain positive and working capital continues to improve.

At the end of the third quarter it had $84 million of cash and no borrowings on its revolver.

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