Chart Industries recently reported that it has prepaid $40 million of long-term senior secured debt.
The Company received $38.3 million of proceeds from the sale of shares of common stock to cover over-allotments as part of its secondary stock offering completed on June 12, 2007. The proceeds, along with existing available cash, were used to prepay the Company's variable-rate senior secured long-term debt, reducing the Company's total long-term debt to $250 million.
No penalties were incurred as a result of this prepayment and the Company expects to save almost $3.0 million in interest payments annually based on current rates.