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Cendant remarkets notes underlying Upper DECS
New York, May 11 - Cendant Corp. said it remarketed the $862.5 million principal amount of senior notes forming part of its Upper DECS securities.
The interest rate was reset to 4.89% from 6.75%. The new rate will apply through their August 2006 maturity.
The notes will no longer form part of the Upper DECS.
The New York provider of travel and residential real estate services also said it bought back $762.5 million of the notes, leaving $100 million outstanding. Funding came from borrowings under the company's credit facility which it expects to repay in August 2004 with proceeds from final settlement of the forward purchase contracts that are part of the Upper DECs.
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