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GenCorp holders put $124.7 million 4% convertibles due 2024 on Jan. 19
By Susanna Moon
Chicago, Jan. 21 - GenCorp Inc. purchased $124.7 million principal amount of its $125 million of 4% contingent convertible subordinated notes due 2024, according to an 8-K filing with the Securities and Exchange Commission.
Investors put the convertibles on Jan. 19, and the company plans to pay $127.2 million for the notes using proceeds from another convertibles offering.
The payment includes accrued interest.
Proceeds will come from the $200 million issue of 4.0625% convertible subordinated debentures due 2039 in a private placement on Dec. 21. The total includes a greenshoe exercise for $50 million of the notes.
The Bank of New York Mellon Trust Co., NA is the escrow agent.
As a result of the repurchase, GenCorp said its borrowing availability under the revolving credit facility was restored to $80 million after being reduced to $60 million effective May 1, 2009.
GenCorp is a Rancho Cordova, Calif.-based defense company.
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