Metris to prepay remaining $49.1 million senior notes

By Jennifer Chiou

New York, July 13 - Metris Cos. Inc. said it plans to prepay at par on Aug. 15 the remaining $49.1 million of its 10 1/8% senior unsecured notes due July 2006.

"We will have prepaid $450 million of corporate debt in the last 10 months," said treasurer Scott Fjellman in a news release.

"With this final prepayment, all our outstanding corporate debt will be eliminated."

Minnetonka, Minn.-based Metris, a bankcard issuer, previously announced plans for an optional $30 million July 15 prepayment on the notes.

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