Protection One Announces Debt Repurchase
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.
If you enjoyed this article and want to receive more valuable industry content like this, click here to sign up for our FREE digital newsletters!
Security Is Our Business, Too
For professionals who recommend, buy and install all types of electronic security equipment, a free subscription to Security Sales & Integration is like having a consultant on call. You’ll find an ideal balance of technology and business coverage, with installation tips and techniques for products and updates on how to add sales to your bottom line.
A free subscription to the #1 resource for the residential and commercial security industry will prove to be invaluable. Subscribe today!