FleetPride's new bank loan to fund call of 11½% notes, discount notes

By Ashley Montgomery

Kansas City, Kan., Nov. 15 - FleetPride Corp. intends to use proceeds from a new credit facility to redeem all of its outstanding 11½% senior notes due 2014 and all of its outstanding FPC Holdings, Inc. senior discount notes due 2015, according to a company news release.

The senior notes due 2014 are callable at 102.875% plus accrued interest to the redemption date. The senior discount notes due 2015 are callable at 103% plus accrued interest to the redemption date.

The company said the note redemption will be funded with the proceeds from FleetPride's proposed senior secured credit facility, which is expected to be $430 million in size.

Closing is expected in the fourth quarter.

FleetPride, based in the Woodlands, Texas, is a distributor of aftermarket heavy-duty truck and trailer parts.

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