Chart Industries, Inc. has reported that it has prepaid $40m of long-term senior secured debt.
$quot;The successful completion of our recent secondary stock offering enabled us to make the prepayment of debt,$quot; stated Sam Thomas, Chart Industries, Inc. chairman, president and chief executive officer. $quot;We believe our solid capital structure positions us well for continued growth.$quot;
The company received $38.3m of proceeds from the sale of shares of common stock to cover over-allotments as part of its secondary stock offering completed on June 12, 2007. The proceeds, along with existing available cash, were used to prepay the Company's variable-rate senior secured long-term debt, reducing the Company's total long-term debt to $250m. No penalties were incurred as a result of this prepayment and the company expects to save almost $3.0m in interest payments annually based on current rates.