In January 1994, the Securities and Exchange Commission staff concluded that redemption premiums
after that date should be reflected as a return to the preferred stockholders similar to the treatment of dividends paid to such holders.
In the opinion of Chris Berens, anticipated receipts from escrow fund investments will be sufficient to pay principal, interest and any redemption premiums
on the refunded bonds when due.
The company will take a fourth quarter 1993 pretax loss on early extinguishment of debt of approximately $13 million, primarily due to repurchase and redemption premiums
and write-off of original issue discount.
3% Interest expense, net (28,597) (21,435) Foreign exchange gains, net 13,777 3,359 Other derivatives gains, net 8,585 826 Write-off of deferred financing costs and redemption premiums
- (17,754) Write-off of recapitalization transaction costs Other expense, net (533) (133) Net income $ 40,416 $ 5,788 -85.
The redemption premiums
and related costs are expected to result in a one-time charge to earnings of $13.
While the proposed offering will result in total debt increasing to more than $1 billion, the ratings and Positive Outlook incorporate Fitch's expectations that IRF will use the net proceeds to redeem the existing $550 million convertible subordinated notes, as well as fund redemption premiums
, issuance-related transaction costs, and net costs associated with convertible note hedge and warrant transactions.
Sybron's bank debt, currently at approximately $100 million, means that, along with the senior subordinated notes, redemption premiums
and appropriate fees, approximately $270 million will be refinanced in total.
48 per diluted share, after giving effect to the impact of Hurricanes Katrina and Rita, redemption premiums
and loan fees associated with the early extinguishment of debt, and the severance payments associated with a former officer and director.
During the first quarter of 1993, the company issued $657 million of debentures and about $61 million of preferred stock to retire debt or preferred stock through optional redemption or at maturity, to purchase high-cost debt or preferred stock, and to pay related redemption premiums
In the opinion of McGladrey & Pullen, there will be sufficient funds available in the escrow funds for the debt service payments, including redemption premiums
and, from the escrow fund securing the series 2003A refunded bonds, fees due to the Capital Trust Agency.
9 billion in securities to repay bank debt, redeem or purchase high-cost debt or preferred stock, and to pay related redemption premiums
25% Convertible Debentures due 2005, together with accrued interest, and related redemption premiums
and transactions costs; with the remainder being used for general corporate purposes.