Underwriters Re Moves to Lower Debt Costs
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Underwriters Re Corp., a reinsurer based in Woodland Hills, has redeemed about $102 million of junk bonds to lower its annual debt costs.
The move was expected. The company had said earlier this year that it planned to redeem the 10-year, 15% notes, of which $160 million were originally issued to the public in 1988 to help an investor group buy UR from Continental Corp. in New York.
UR, whose main unit is Underwriters Reinsurance, had since pared the amount of notes still outstanding to about $102 million. The company redeemed the notes with less-costly bank debt that it recently secured from First National Bank of Chicago.
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