GARMIN LTD. RETIRES ITS LONG-TERM DEBT WITH BOND PURCHASE
Garmin Ltd. retired its long-term debt with the purchase of all $20 million of outstanding industrial revenue bonds issued in 2000. "The bond purchase is intended to redeploy a portion of our cash and cash equivalents to increase overall profitability," said Garmin CFO and Treasurer Kevin Rauckman.
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