Action Performance to Redeem $29.9 Million in Subordinated Debt.PHOENIX -- Action Performance Companies, Inc. (NYSE NYSE See: New York Stock Exchange :ATN ATN Acute tubular necrosis, see there ), the leader in the design, marketing, promotion, and distribution of licensed motorsports merchandise, announced that it intends to redeem its 4 3/4 percent convertible subordinated notes due 2005. The redemption will be funded by a portion of a $75 million four-year credit facility, which the company simultaneously announced today. The $29.9 million in subordinated debt Subordinated Debt A loan (or security) that ranks below other loans (or securities) with regard to claims on assets or earnings. Also known as "junior security" or "subordinated loan". will be redeemed on August 2, 2004, at a price of 100.68 percent. About Action Performance Action Performance Companies Inc. (NYSE:ATN) is the leader in the design, promotion, marketing and distribution of licensed motorsports merchandise. The Company's products include a broad range of motorsports-related die-cast replica collectibles, apparel, souvenirs and other memorabilia. Action Performance markets and distributes products through a variety of channels including the Action Racing Collectables network of wholesale distributors, the Racing Collectables Club of America, QVC QVC Quality Value Convenience QVC Question Valid Command , goracing.com, trackside track·side n. The area near a track, especially a racetrack. at racing events, direct corporate promotions, mass retail, department stores This is a list of department stores. In the case of department store groups the location of the flagship store is given. This list does not include large specialist stores, which sometimes resemble department stores. , and specialty dealers. Additional information about Action Performance can be found at www.action-performance.com. This press release contains forward-looking statements regarding expectations for revenues, net income, operational plans, and guidance for future periods. The Company's actual results could differ materially from those set forth in these forward-looking statements. Factors that might cause such differences include, among others, the ability of the Company to successfully execute its business plan, competitive pressures, acceptance of the Company's products and services in the marketplace, the success of new marketing programs, the Company's ability to successfully execute its agreements with other parties, general economic conditions, and other risks discussed in the Company's Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. , dated September 30, 2003, on file with the U.S. Securities and Exchange Commission. |
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