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Goodman Global may repurchase discount, PIK notes with stock proceeds
By Susanna Moon
Chicago, May 7 - Goodman Global Group, Inc. plans to use proceeds from an upcoming stock offering to repurchase debt, which may include its senior discount notes or senior subordinated notes, according to an S-1 filing with the Securities and Exchange Commission.
The senior discount notes mature in December 2014 and do not bear interest. Instead, the principal amount accretes from the issue date until maturity at a rate of 11½% per year.
The senior subordinated notes are due in February 2016 and pay interest at a rate of 13½% per year, or at a rate of 14% if the company elects to pay in kind. In that case, the company may issue additional notes for up to 3% of the rate.
The issuer is a Houston-based manufacturer of heating, ventilation and air conditioning products.
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