The notes, which the company called for redemption on June 25 2007, were redeemed at a price of 105% of the principal amount thereof, plus accrued interest.
The action is consistent with the company’s stated strategy to continue to reduce its debt, with a goal of 30% funded debt to total capitalisation. Based on a funded debt to total capitalisation ratio of 40.8% at July 1 2007, the end of the fiscal 2008 first quarter, the company’s pro forma ratio inclusive of this transaction would have been 37.6%.
