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GenTek Inc. Announces Successful Completion of Debt Tender Offer
PARSIPPANY, N.J., Nov. 20, 2008 (GLOBE NEWSWIRE) -- GenTek Inc. (Nasdaq:GETI) announced that it has successfully completed a tender offer that will result in the repurchase of $13.7 million of its first lien term loans. The loans will be acquired at a price of 86% of face value. This purchase is in addition to $10 million of debt acquired at a price of 79% of face value in open market purchases during the month of October. The acquired debt will be cancelled similar to a voluntary loan pre-payment. This voluntary prepayment reduces the current balance outstanding on the Company's term loans to $213.4 million. The Company currently has no borrowings on its revolving credit facility.