Wabtec to redeem $175 million bonds

New York, May 30 - Wabtec Corp. said it will redeem $175 million of 9.375% bonds using borrowings from its revolving credit facility.

The Wilmerding, Pa. supplier of products and services to the rail industry said it is currently paying about 4% for bank borrowings.

Wabtec's bonds are callable at par after June 30.

"We expect this refinancing to result in a cash interest savings of about $4 million in the second half of 2002," said Robert J. Brooks, Wabtec's executive vice president and chief financial officer, in a news release. "In the meantime, we will explore a variety of options to ensure that our longer-term capital structure fits with our future operating plans."

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