Savvis prepays $342.5 million on 15% PIK notes

By Susanna Moon

Chicago, June 29 - Savvis, Inc. said that it prepaid $342.5 million of debt on its 15% paid-in-kind series A subordinated notes due 2009.

The $342.5 million payment amounts to $200 million in principal, $119.3 million in interest and a $23.2 million early-payment premium, the company said in a press release.

The company said holders agreed to cut the make-whole premium for a savings of $8.6 million.

The notes were issued February 2004 to fund an acquisition.

Savvis is a Town & Country, Mo.-based provider of information technology services.

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