The company also has made the $7.0 million semi-annual interest payment on its existing $330.0 million of 4.25% convertible notes. The interest payment was originally due on August 15, 2011, but the company elected to make the payment within the 30-day grace period.
“We very much appreciate the support of both our note holders and lender group as we proceed with a transaction that will culminate in the comprehensive refinancing of the companyâ€™s capital structure,â€ said Michael T. Avara, Executive Vice President and Chief Financial Officer. â€œOur refinancing remains on schedule and the new bridge loan, when combined with existing revolver availability, provides us with more than $35 million of liquidity to bridge the company to the closing of the refinancing.â€
At the closing of the refinancing of the companyâ€™s capital structure, the $25.0 million amount of the bridge loan will be exchanged for a like principal amount of debt that will be included in the $100.0 million of new second-lien 13%-to-15% secured notes to be issued as part of the refinancing.
A copy of the amendment to the existing credit agreement and the bridge loan agreement will be included as an exhibit to a current report on Form 8-K to be filed with the SEC.