December 2, 2009 (FinancialWire) — Hawk Corp. (AMEX: HWK) said it has repurchased, in privately negotiated transactions, $10 million in principal amount of its 8.75% senior notes for $9.9 million and recorded a pre-tax charge of $0.1 million related to the write-off of unamortized deferred financing costs and transaction fees.

The company said it expects interest savings of approximately $0.1 million in the fourth quarter of 2009 as a result of the repurchase. On an annual basis, beginning in 2010, the company expects savings of approximately $0.9 million in reduced interest and amortization expense.

Hawk’s total debt was reduced from $87.1 million to $77.1 million after this repurchase.

Cleveland-based Hawk is a supplier of friction materials for brakes, clutches and transmissions used in airplanes, trucks, construction and mining equipment, farm equipment, recreational and performance automotive vehicles.

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