Nalco to redeem all €200 million 7¾% notes using term loan C proceeds

By Marisa Wong

Milwaukee, Dec. 7 - Nalco Co. plans to redeem its €200 million 7¾% senior notes due November 2011, according to a news release.

The notes will be redeemed at par with funds from a new incremental term loan C and cash.

Nalco's entry into the term loan C and use of the proceeds to redeem the notes are expected to reduce the company's interest expense for 2010 by approximately $12 million.

Nalco previously announced the redemption of all its outstanding dollar-denominated senior notes due 2011. Upon the completion of both redemptions, the entirety of Nalco's senior notes due 2011 will be paid off.

Nalco estimates that the redemptions will reduce 2010 interest expense by a total of $27 million.

Nalco is a Naperville, Ill.-based provider of water treatment products and services.

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