Business Services Industry
National R.V. Holdings Inc. announces early redemption of $13,500,000 promissory notes
Business Wire, Sept 6, 1995
PERRIS, Calif.--(BUSINESS WIRE)--Sept. 6, 1995--National R.V. Holdings, Inc. (NASDAQ:NRVH) Wednesday announced that it has redeemed $13,500,000 of outstanding promissory notes due Jan. 15, 1998.
The redemption will result in an after-tax gain of approximately $342,000 or $0.11 per share. The notes were issued to the previous owners of the company in connection with the acquisition of the company in 1989, and were collateralized by a $13,500,000 restricted cash account of the company. Funds from the restricted cash account were used for the redemption.
Kenneth W. Ashley, CFO of National R.V., remarked: "The early redemption was in the best interests of all concerned, and we are pleased to have simplified the company's balance sheet."
National R.V. is the seventh-largest manufacturer of Class A motorhomes which it designs, manufactures and sells under its Dolphin, Sea Breeze and Tropi-Cal brand names. The Company also offers a line of fifth wheel travel trailers under the Sea Breeze brand name.
CONTACT: National R.V. Holdings, Inc.
Kenneth W. Ashley, 909/943-6007
or
KBL Associates, Inc.
Philip Bourdillon, Ken Kline, 818/583-8091
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