Datron Plans to Prepay Simi Valley Bonds
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Datron Systems Inc., a producer of high-tech communications equipment that recently moved its headquarters from Simi Valley to Escondido, plans to prepay $4 million worth of industrial revenue bonds issued by Simi Valley’s Industrial Development Authority.
The bonds, issued in 1983, funded construction of a 110,000-square-foot plant that now houses Datron’s Datron/Transco subsidiary in Simi Valley.
The company said it will use cash reserves and bank borrowings to retire the bonds, which carry an effective interest rate of 11.7%. The move will cost Datron a prepayment penalty of $120,000.
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