CPI International completes redemption of $6 million in floaters

By Devika Patel

Knoxville, Tenn., March 18 - CPI International Inc. said it completed the previously announced redemption of $6 million of its floating-rate senior notes due 2015.

The notes were redeemed at $1,020 per $1,000 principal amount, plus interest up to but excluding the Monday redemption date. The total cash paid was $6.19 million.

CPI bought back $38.18 million of the floaters in August 2007 and redeemed $19.83 million of additional notes on Sept. 5. After the latest redemption, the company has $16 million of the notes outstanding.

CPI, based in Palo Alto, Calif., is the parent company of Communications & Power Industries, a provider of microwave, radio frequency, power and control solutions for defense, communications, medical and scientific industries.

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