Protection One Inc., a provider of security monitoring services, has further reduced its debt under its $250 million term loan by $15 million. The company used proceeds of approximately $4.4 million from the redemption of its Series A Convertible Preferred Stock in ATX Technologies Inc. Protection One received this preferred stock at the time it sold its mobile services/telematics division to ATX in 1999.
Protection One has been steadily reducing its debt and, in the past year, averted a potential bankruptcy funding.
“In addition to the significant debt reduction we announced earlier this year, we are pleased to monetize a legacy investment and further pay down our indebtedness,” says Richard Ginsburg, Protection One’s president and CEO. “This recent payment further strengthens our balance sheet.”
