Actuant Completes Redemption of $70 Million of Its Bonds.Business Editors MILWAUKEE--(BUSINESS WIRE)--March 15, 2002 Actuant Corporation (NYSE NYSE See: New York Stock Exchange :ATU (ADSL Transceiver Unit) A device that provides ADSL modulation of the telephone line. The device at the telco side is the ATU-C (Central), which is a line card plugged into the DSLAM. ) announced today the pro rata [Latin, Proportionately.] A phrase that describes a division made according to a certain rate, percentage, or share. In a Bankruptcy case, when the debtor is insolvent, creditors generally agree to accept a pro rata share of what is owed to them. redemption of $70 million aggregate principal amount of its 13% Senior Subordinated Notes Due 2009 (the "Notes"). The Notes were redeemed earlier today at 113.0 percent of principal amount plus accrued interest Accrued Interest The interest that has accumulated on a bond since the last interest payment up to but not including the settlement date. There are two methods for calculating accrued interest: 1) 360-day year method, used for corporate and municipal bonds. to the redemption date Redemption date The date on which a bond matures or is redeemed. redemption date The date on which a debt security is scheduled to be redeemed by the issuer. The redemption date is the scheduled maturity date or, if applicable, a call date. . During February, the Company completed a common stock offering with the intention of using a substantial portion of the $99.7 million in offering proceeds to retire indebtedness. The Company used approximately $82.5 million of the proceeds from the equity offering to redeem the $70 million of the Notes. The redemption of the Notes is expected to result in an extraordinary charge in the third quarter of approximately $12 million, or $8 million net of tax. Actuant, headquartered in Milwaukee, Wisconsin, is a diversified industrial company with operations in more than 15 countries. The Actuant businesses have a leading position in highly engineered position and motion control systems and branded tools. Products are offered under such established brand names as Enerpac, Gardner Bender, Milwaukee Cylinder, Nielsen Sessions, Power-Packer, and Power Gear. For further information on Actuant and its business units, visit the company's website at http://www.actuant.com. |
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