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The Middleby Corporation Prepays U.S. $5 Million on Notes to Maytag
Aug 12, 2003
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The Middleby Corporation, a leading manufacturer of restaurant and foodservice cooking equipment, announced on Monday that it made an additional U.S. $5 million prepayment on notes due to Maytag Corporation.

The note prepayment was funded from $2.8 million of borrowings under the company's revolving credit facility and $2.2 million of existing cash balances. Borrowings under the revolving credit facility are assessed interest at a floating rate of 3 percent above LIBOR, which is currently 1.17 percent.

Selim A. Bassoul, president and CEO of Middleby, commented: "With this recent payment, a total of $16 million has been prepaid on the Maytag notes reducing the remaining balance to $5 million. The Maytag notes carry an interest rate of 12 percent. We have reduced our total outstanding debt by approximately $15 million to $73 million as compared to $88 million at the end of 2002."

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