AAR retires $6.5 million more convertibles in third quarter

By Jennifer Chiou

New York, March 17 - AAR Corp. said it retired a further $6.5 million of its convertible notes for $4.3 million in cash during the third quarter ended Feb. 28.

"As we enter the fourth quarter, we remain keenly focused on cash generation, liquidity and strengthening our balance sheet," David Storch, the company's chief executive officer, said in a news release.

"Keeping this in mind, we will consider future purchases of our convertible notes as available at attractive terms."

After taking into consideration unamortized debt issuance costs, the company said it recorded a $2.1 million pre-tax gain on settlement of the notes.

AAR is a Wood Dale, Ill.-based aerospace and defense contractor.

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