The Joy redemption

JOY Global has elected to redeem the entire $250 million aggregate principal amount of its 6% senior notes due 2016. The redemption is to occur on October 28.
The Joy redemption The Joy redemption The Joy redemption The Joy redemption The Joy redemption

 

Noel Dyson

In accordance with the indenture government the 2016 notes the trustee delivered a notice of redemption to each holder of the notes on September 25.

The 2016 notes will be redeemed at a redemption price equal to the principal amount plus accrued and unpaid interest up to, but excluding, the redemption date and a “make whole” premium calculated in accordance with the indenture.

Joy expects to finance the 2016 notes redemption with a mix of cash on hand and borrowings under the company’s unsecured revolving credit facility.

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