Calamos reduces debt by $400 million

NAPERVILLE - Calamos Asset Management, Inc. announced Monday that its subsidiary, Calamos Holdings LLC, has reduced its outstanding long-term indebtedness by $400 million.

The cut was from $525 million to $125 million. The parties amended and waived certain provisions of note purchase agreements, and Calamos Holdings made prepayments.

"The unprecedented global challenges in the financial markets and the corresponding decline in our assets under management began to put pressure on our debt covenants, and we proactively initiated discussions with our noteholders to seek flexibility to continue to manage our business through this challenging period with what we believe is an appropriate margin of safety under our debt covenants," said John P. Calamos, Sr., chief executive officer.