Protection One Announces Debt Repurchase
TOPEKA, Kan.
Protection One Inc. has repurchased approximately $15 million face value of its bonds from Westar Industries for $12 million. After this transaction, the company says it has $144 million outstanding under its senior unsecured credit facility with its parent lender, Westar Industries, and approximately $575 million of total debt outstanding.
Protection One says it is exploring the refinancing of its current unsecured facility with Westar Industries. In connection with that initiative, Pro One may consider securing any third-party financing that may be made available to it with Protection One assets, such as customer accounts or the stock of its subsidiaries, as a means of potentially reducing the cost of any borrowing.
The company says it hopes to receive proposals in the second half of 2002.
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