Blyth (BTH) Announces Retirement of 7.90% Senior Notes
Blyth (NYSE: BTH) announced the retirement of approximately $25 million remaining from the original offering of $150 million senior notes. The notes were repaid with cash from operations. The notes were issued in September 1999 with a term of 10 years at a 7.90% coupon rate. The Company has $100 million of 10-year senior notes outstanding with a 5.5% percent coupon rate maturing in 2013.
Robert B. Goergen, Blyth's Chairman of the Board and Chief Executive Officer, commented, "We repaid over 80% of this debt prior to maturity, demonstrating Blyth's strong ability to generate cash. Our balance sheet remains healthy, and year-to-date cash flow is significantly improved over the past several years despite a very difficult economic environment. Today's final $25 million repayment marks an important milestone for Blyth, and we are pleased with our overall positive net financial position."
Robert B. Goergen, Blyth's Chairman of the Board and Chief Executive Officer, commented, "We repaid over 80% of this debt prior to maturity, demonstrating Blyth's strong ability to generate cash. Our balance sheet remains healthy, and year-to-date cash flow is significantly improved over the past several years despite a very difficult economic environment. Today's final $25 million repayment marks an important milestone for Blyth, and we are pleased with our overall positive net financial position."
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