PROVIDENCE — Nortek, Inc., a maker of building materials, has canceled its plan to offer some $225 million of senior subordinated notes due 2011.
According to reports, Nortek chairman and CEO Richard L. Bready said current market conditions are not favorable to Nortek’s goal of refinancing the company’s existing $218.5 million issue of 9 7/8 percent senior subordinated notes due 2004 with the new notes. Nortek expects to pursue refinancing of the notes due 2004 in the future, subject to market conditions, Bready said.
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Analysts have ranked Nortek’s existing senior subordinated debt in the sixth highest junk bond grade, reports said.
