Blyth (BTH) Announces Retirement of 7.90% Senior Notes
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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."
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