Northampton issues call for C$3 million 10% debentures due July 2012

By Toni Weeks

San Diego, Dec. 22 - Northampton Group Inc. announced that it will redeem C$3 million of its 10% unsecured debentures first issued July 22, 1997, amended July 23, 2007, and Nov. 24 and due July 2012. The total redemption price of C$1,030 per C$1,000 principal amount plus accrued interest will be paid on Jan. 22.

"This redemption represents the best use of our cash at this time," said Vinod Patel, president and chief executive officer of Northampton Group, in a press release.

"Northampton will reduce the carrying costs of its debt while still retaining sufficient cash to take advantage of any accretive opportunities for growth."

Northampton, a Canadian hotelier, is based in Mississauga, Ont.

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