Reddy Ice to Price $300M for Exchange Offer
February 19, 2010
Dallas-based Reddy Ice is planning to issue $300 million in senior secured notes to help finance an exchange offer, the company said today.
The packed ice provider plans to use the proceeds of its bond offering to finance an exchange offer for its outstanding 10.5% senior discount notes due 2012. It will also use the funds for general corporate purposes, which may include future company growth and possible acquisitions.
Reddy Ice also announced its exchange offer today for its senior discount notes. Note holders will receive the newly issued notes and the company will amend the indenture to eliminate all of the restrictive covenants on the current notes. The offer expires March 19.
A company spokesman was not immediately available for comment.
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