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Dunlop Standard to redeem $23.6 million of new notes
New York, June 2 - Dunlop Standard Aerospace Holdings plc said it will redeem $23.6 million principal amount of its recently issued 11 7/8% senior notes due 2009 after negotiations fell through on a planned acquisition.
The company said the notes will be redeemed on June 30 at 105.938% of par plus accrued interest.
Of the $120 million priced on Feb. 4 in the add-on transaction, $25 million was placed in escrow for a proposed acquisition of another company, which manufactures and services aerospace and industrial gas turbines.
"Negotiations on the purchase recently ceased," Dunlop Standard said in a 6-K filing with the Securities and Exchange Commission.
Dunlop Standard is a Coventry, U.K.-based provider of aftermarket parts and services to the aerospace and defense industry.
The company priced $120 million principal amount at 105.125 for a 9.983% yield to worst on Feb. 4.
Credit Suisse First Boston ran the books on the Rule 144A/Regulation S issue.
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