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People & Business :: Companies
Nalco to Retire Debt
1:38 PM MST | November 30, 2009 | Vincent Valk
Nalco will redeem $190 million of senior debt effective December 28, the company announced today. The debt is due in November 2011 and carries an interest rate of 7.75%. The redemption will be paid for with currently existing cash, and is expected to save $15 million per year in interest expenses. "We have generated record free cash flow this year, and retiring this debt early is consistent with the company's stated intentions of reducing its leverage," says Bradley Bell, Nalco CFO. As such it is more attractive than retiring the company's $167 million...
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