Mark IV Announces Redemption of 8-3/4% Senior Subordinated Notes
AMHERST, NEW YORK, February 26, 1998 -- Mark IV Industries, Inc. (NYSE: IV) announced today that it has called for redemption on April 2, 1998, the entire principal balance of its 8-3/4% Senior Subordinated Notes due April 1, 2003. The redemption price is $1,043.75 per $1,000 principal amount of Notes plus accrued interest for April 1, 1998. Currently, there are $73,097,000 principal amount of the 8-3/4% Notes outstanding.
Payment of the redemption price will be made upon presentation and surrender of the Notes on or after April 2, 1998, at Citibank, N.A., Corporate Agency and Trust. Interest will cease to accrue on the Notes on and after April 2, 1998.
The redemption will result in a one-time charge for early debt extinguishment of approximately $2.6 million (net of tax), or about four cents per diluted share, in the first quarter of fiscal 1999.
Mark IV Industries, Inc. is a $2.2 billion global manufacturing company headquartered in the Buffalo suburb of Amherst, New York, employing 17,000 people worldwide. The company's core technologies include power transmission, fluid transfer and filtration systems and components for global industrial and automotive markets.