Polarcus buys back convertible bondsCompany News // November 26, 2014
On 25 November Polarcus Limited bought convertible bonds of nominal value US$21 million in the US$125 million 2.875% Polarcus Ltd Secured Convertible Bond Issue 2011/2016 at a price of 72.25%.
Following this trade, the company holds convertible bonds with an aggregate nominal value of US$21 million and those convertible bonds will be cancelled.
Subsequent to the cancellation the outstanding amount in the Convertible Bond will be US$104 million.
With the new outstanding amount there is no need to hold cash in escrow to fulfil the loan to book value covenant in the Convertible Bond loan agreement.