Protection One calls 12% secured notes following bank refinancing

By Jennifer Chiou

New York, Nov. 18 - Protection One Alarm Monitoring, Inc. will redeem its $115.3 million of 12% senior secured notes due Nov. 15, 2011 after it and Protection One, Inc. entered into an amended and restated credit agreement, according to an 8-K filing with the Securities and Exchange Commission.

Under the agreement, the company's term loan was increased by $75 million to $364.5 million, and proceeds, along with cash, will be used to repay the notes in full on Dec. 17.

The company said in a notice that it will pay 103% of par plus accrued interest.

In addition, Protection One and lenders agreed to extend the maturity date of the credit facility.

The companies entered into the amendments with J.P. Morgan Securities Inc., Bank of America, NA and JPMorgan Chase Bank, NA.

Wells Fargo Bank, NA is the trustee (800 344-5128).

Protection One is a Lawrence, Kan.-based electronic security company.

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