Delco Remy to repay bank debt with bond sale proceeds

By Sara Rosenberg

New York, March 30 - Delco Remy International Inc. will repay debt under its senior credit facility with a portion of the proceeds from a $125 million second priority senior secured floating-rate notes offering and a $150 million senior subordinated notes offering.

Proceeds from the two bond deals also will be used to redeem the company's senior subordinated notes due 2006 in their entirety and for general corporate purposes, according to a company news release.

Delco Remy is an Anderson, Ind., designer, manufacturer, remanufacturer and distributor of electrical, drivetrain/powertrain and related products and core exchange service for automobiles, trucks and other heavy-duty off-road and industrial applications.

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