Firy Inc. announced it will redeem all of its remaining outstanding 10.250% Secured Notes due 2026, a move that will eliminate all of its outstanding indebtedness. The company will use proceeds from the recent sale of its equity stake in Exit Games to fund the redemption, avoiding the need to raise new capital or dilute shareholders.
Key Details
- Redemption Amount: Approximately $49.7 million in aggregate principal of 10.250% Secured Notes due 2026.
- Terms & Timeline: The notes will be redeemed on October 15, 2026, at 100% of the principal amount plus any accrued and unpaid interest.
- Financial Impact: This completes the full repayment of the company's original $300 million in debt. The transaction, combined with a prior redemption, is expected to save approximately $3.6 million in cash interest that would have accrued through the maturity date.