NationsRent Redeems Promissory Notes

NationsRent has redeemed its 6.5 percent unsecured convertible subordinated notes, which were originally due June 13, 2008, the company announced last week. Notes in an aggregate principal amount of approximately $30.8 million were redeemed. Holders of those notes will receive an aggregate cash payment of approximately $35.2 million, including accrued and unpaid interest.

Prior to the effective time of the redemption, holders of the notes, representing $14.4 million of aggregate principal amount elected to convert their notes into 59,503 shares of the company’s common stock.

The note redemption is being funded using a portion of the proceeds from NationsRent’s April 2005 private placement of $150 million, 9 ½ percent senior unsecured notes due 2015.

Fort Lauderdale, Fla.-based NationsRent is No. 6 on the RER 100.

TAGS: Syndicate
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