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Article: Uniroyal Technology Corporation Retires 11 3/4% Senior Secured Notes
- Article from:
- PR Newswire
- Article date:
- June 4, 1998
CopyrightCOPYRIGHT 1998 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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SARASOTA, Fla., June 4 /PRNewswire/ -- Uniroyal Technology Corporation (Nasdaq: UTCI) (the "Company") announced today that it has completed the redemption of its 11 3/4% Senior Secured Notes (Notes).
On April 15, 1998, the Company announced that it had completed a financing with Fleet National Bank (Fleet) and the proceeds would be used to redeem the Senior Secured Notes. The first call on the Notes was June 1, 1998.
The lower interest rates under the Fleet financing will benefit the Company in excess of $2.0 million annually in reduced interest expense.
Uniroyal Technology Corporation manufactures and sells proprietary plastic products and specialty ...