Guess? Inc. said it will redeem all of its outstanding 6.75 percent secured notes due in 2012 on Dec. 20. The transaction is worth about $33 million including principal, accrued and unpaid interest and a redemption premium.

Strong operational cash flow has enabled the company to pay down its debt and accumulate cash, said Carlos Alberini, president and chief operating officer, in a release. He also said that the company’s North American business will be debt free after this redemption.

Shares in Los Angeles-based apparel maker and retailer were up $1.13 to $64.32 in early trading Tuesday.