Salton reduces interest bearing debt through exchange offer
29 Aug '05
3 min read
"This transaction reduces our total interest bearing debt by approximately $66.1 million and decreases by $75.2 million the principal amount of 2005 Notes that are scheduled to mature this year. The successful results of this private debt exchange offer is a significant step in plans to improve liquidity and strengthen balance sheet, which will ultimately provide us with the operating flexibility to pursue growth initiatives," said Leonhard Dreimann, Salton's Chief Executive Officer. "They continue to explore strategic options to improve liquidity and enhance operating performance of the Company, including potential sales of assets or businesses, the creation of new foreign debt, repurchases of outstanding debt securities and further reductions in expenses."
None of the securities issued in connection with the exchange offer have been registered under the Securities Act of 1933, as amended (the "Securities Act"), or any state securities laws and unless so registered may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable securities laws.
Salton Inc is a leading designer, marketer and distributor of branded, high quality small appliances, electronics, and home decor and personal care products. Its product mix includes a broad range of small kitchen and home appliances, electronics for the home, tabletop products, time products, lighting products, picture frames and personal care and wellness products. The company sells its products under a portfolio of well-recognized brand names such as Salton, George Foreman, Westinghouse, Toastmaster, Mellitta, Russell Hobbs, Farberware, Ingraham and Stiffel.
marketing@alchempro.com
