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K-SWISS ANNOUNCES PREPAYMENT OF SENIOR SUBORDINATED DEBT

 CHATSWORTH, Calif., Dec. 31 /PRNewswire/ -- Steven Nichols, chairman of the board and president of K-Swiss Inc. (NASDAQ: KSWS), announced the prepayment by the company of $10,000,000 of senior subordinated debt payable to an insurance company. The company will record an extraordinary after tax charge to earnings in the fourth quarter of 1992 of approximately $896,000 ($.14 per share) due principally to a prepayment penalty. The company expects to save approximately $820,000, $488,000 and $324,000 interest expense on the prepaid debt (on an after tax basis) for 1993, 1994 and 1995, respectively.
 The retired debt had an interest rate of approximately 13.7 percent and required the company to pay principal payments of $3,000,000, $3,000,000 and $4,000,000 during 1993, 1994 and 1995, respectively. The company utilized funds obtained under its existing $50,000,000 credit facility with a current interest rate of approximately 6.0 percent to prepay the senior subordinated debt.
 K-Swiss Inc. designs, develops and markets athletic footwear for high-performance sports use and fitness activities. The company presently offers footwear for court and nautical sports, hiking and walking.
 -0- 12/31/92
 /CONTACT: George Powlick, CFO of K-Swiss, 818-998-3388/
 (KSWS)


CO: K-Swiss Inc. ST: California IN: TEX SU:

KJ-EH -- LA001 -- 0879 12/31/92 11:30 EST
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Publication:PR Newswire
Date:Dec 31, 1992
Words:220
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