WASHINGTON (dpa-AFX) - Neenah Paper Inc. (NP) announced Tuesday that it has elected to conduct an early redemption of $58 million of its 7.375% Senior Notes due in 2014 . The Notes will be purchased at par value on November 15, 2012 and will be financed by a combination of borrowings using the Company's existing revolving credit facility and a new $30 million term loan.
Both the revolver and term loan mature on November 30, 2017. As of June 30, 2012 there were $148 million of Notes outstanding.
The Bank of New York Mellon Trust Company, N.A., trustee of the Notes, is processing the transmittal of a notice of Partial Redemption to holders of record of the Notes. The Partial Redemption will result in savings of over $500,000 per quarter in interest expense.
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