Huntway Partners Sells Convertible Debt
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Huntway Partners, L.P., as part of its debt restructuring, has sold $21.75-million worth of convertible debt due in the year 2007 at 9.25% interest.
As part of this deal, Huntway also bought back 10.7 million of its publicly traded units and it retired $11.7 million in senior debt that paid 12% interest.
The Newhall-based company said that this step will cut the total number of its publicly traded units outstanding to 14.6 million, down from 25.3 million.
The company said this restructuring means that its total debt has dropped to $16.2 million from $99.7 million in 1996.
Huntway operates refineries at Wilmington and Benicia in California that produce asphalt used in road construction.
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