New York-listed Rand has restructured over $200m worth ofdebt in a move that will reduce borrowing costs and free up cash, it announcedtoday.
A GE Capital Corporation-led syndicate agreed to provide a$140m senior secured credit facility while Guggenheim Corporate Funding isbehind a $72.5m second lien facility.
The proceeds will be used to repay existing senior secureddebt and accrued preferred dividends with the effect of slashing annual repaymentcosts by over $3m.
