International Wire to redeem its $75 million of 10% notes at 101.25

By Angela McDaniels

Tacoma, Wash., April 27 - International Wire Group, Inc. will redeem the $75 million outstanding principal amount of its 10% secured senior subordinated notes due 2011, according to a company news release.

Holders will receive 101.25 plus accrued interest to the redemption date, which was not disclosed.

The company will fund the redemption with a draw on its revolving credit facility and some of the proceeds of its private offering of $140 million principal amount of 9¾% senior secured notes due 2015.

The proceeds from the offering will also be used to pay a $60 million distribution to shareholders and option holders.

Concurrently with the offering, the company amended its existing revolving credit facility to allow the proceeds to be used as described above, to extend the maturity date of the revolver to April 2014 and to reduce the commitments to $150 million.

International Wire makes wires and is based in Camden, N.Y.

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