06.06.2009

Linamar pays off loans

Linamar, owner of aerial lift and telehandler manufacturer Skyjack, has retired $80 million of its borrowings, five months before the due date.

The company has paid-off in full its series A- tranche of Private Placement Notes to the tune of US $80 million. The notes were to come due in October of 2009.

Linamar chief executive Linda Hasenfratz said: "We are very pleased to finalize the refinancing of these Notes and in doing so take another step in the overall strengthening of our balance sheet. Early redemption offers us improved financing costs and certainty around the issue- most welcome in these uncertain times!"