Ferro repays 7 1/8% debentures via term loans after acceleration notice

By Jennifer Chiou

New York, July 25 - Ferro Corp. repaid its $55 million of 7 1/8% debentures due April 1, 2028 at a cost of $56,251,822.92 after they were accelerated by the trustee, according to an 8-K filing with the Securities and Exchange Commission.

The figure, drawn from the company's term loans, includes accrued interest.

On July 21, the Cleveland-based performance materials manufacturer said that the trustee, J.P. Morgan Trust Co., accelerated the payment of the company's 7 1/8% debentures after Ferro reported an event of default.

Ferro had delayed filing financial statements and an officer's certificate relating to its compliance with the note indenture.

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