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Prospect News home > News index > List of issuers T > Headlines for Tenders 2010 > News item |
Norcraft redeemed $148 million of 9% notes, some 9¾% notes in 2009
By Jennifer Chiou
New York, March 23 - Norcraft Holdings, LP said in its report of 2009 financials that it redeemed $148 million of the 9% senior subordinated notes due 2011 issued by Norcraft and Norcraft Finance Corp.
The company used proceeds from a $180 million issue of 10½% senior secured second-lien notes due in December 2015 for the redemption.
Along with cash on hand, remaining proceeds went toward the purchase of $64.3 million of Norcraft Capital Corp.'s 9¾% senior discount notes due 2012.
In a tender offer that expired at midnight ET on Dec. 16, the company received tenders from holders of all $118 million of Norcraft Capital's 9¾% notes but accepted notes on a pro rata basis due to the tender cap of $64.3 million.
Norcraft is a cabinetry company based in Eagan, Minn.
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