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United Biscuits intends to redeem 10 5/8%, 10¾% notes due 2011
By Jennifer Chiou
New York, July 11 - United Biscuits Finance plc said it intends to redeem its 10 5/8% euro-denominated and 10¾% sterling-denominated senior subordinated notes due 2011 after the completion of its previously announced sale of its Southern European business to Kraft Foods Inc.
The company said it will simultaneously defease the notes by depositing funds sufficient for the redemption with the trustee.
The London-based biscuit maker said it will redeem the notes between 30 and 60 days after giving notice to noteholders.
On July 10, United Biscuits said that it would sell its Southern European business to Kraft Foods for an enterprise value of £575 million.
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