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Schuff International to redeem $59.2 million of 10½% notes
By Laura Lutz
Des Moines, Sept. 11 - Schuff International, Inc. said it will retire $59.2 million of its previously outstanding $75 million 10½% publicly held senior unsecured notes due 2008.
The notes will be redeemed at 101.313% of face value, plus accrued interest.
The company will fund $30 million of the redemption with proceeds from a sale of 7% convertibles.
The other $29.2 million will be funded with available cash and a $25 million expansion of the company's existing credit facility with Wells Fargo Bank.
Following the redemption, the company will have $15 million of the notes outstanding.
Phoenix-based Schuff provides steel construction services.
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