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Non-Tech : AZTAR ( AZR )
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To: Paul Lee who wrote (154)10/1/1999 1:56:00 PM
From: Paul Lee   of 161
 
Aztar Redeems 13 3/4% Notes, Completing Plan To Reduce Interest Expense, Increase Flexibility

PHOENIX, Oct. 1 /PRNewswire/ -- Aztar Corporation (NYSE: AZR) reported that it has completed the redemption of its $180 million of 13 3/4% Senior Subordinated Notes due 2004. The redemption was funded by borrowings under Aztar's revolving bank credit facility, under which the company presently borrows at an interest rate of approximately 7.5% per year.

"The redemption of these bonds completes our previously announced plan to reduce interest expense and increase financial flexibility this year," said Paul E. Rubeli, Aztar chairman of the board, president and chief executive officer. "With the calls of these bonds and of our 11% notes earlier this year, we have significantly reduced our cost of borrowing, which will have a favorable impact on the company's earnings."
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