Cellstar plans to redeem 12% notes due 2007

By Jennifer Chiou

New York, Sept. 1 - Cellstar Corp. plans to use up to $12.3 million from a term loan to redeem its 12% senior subordinated notes due January 2007, according to an 8-K filing with the Securities and Exchange Commission.

The company entered into the term loan on Thursday with CapitalSource Finance LLC. The loan has a borrowing rate of Libor plus 750 basis points and it matures Sept. 27, 2009.

Cellstar is a Coppell, Texas-based provider of logistics and distribution services to the wireless communications industry.

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