Reflecting increased strength in each of its businesses, Marvel Enterprises, Inc. (NYSE:MVL) announced today that it has prepaid $10 million of its long-term bank debt to HSBC Bank USA at the end of August.
The long-term portion of the HSBC debt is now $14.7 million. After the prepayment, Marvel's cash position stood at approximately $47 million at the end of August 2002, compared to $21.6 million at December 31, 2001.
F. Peter Cuneo, Marvel's CEO, commented: "A primary use of our growing cash flows will be to opportunistically deleverage our balance sheet, improve our capital structure and reduce related interest expense. Assuming the current cash flow trends continue, we look to further reduce our long term debt."