Sponda accepts tenders for 28.6% of €130 million hybrid bonds

By Toni Weeks

San Diego, Nov. 30 - Sponda plc said it has accepted tenders for €37.2 million, or 28.6%, of its €130 million of capital securities issued in 2008. The cash tender offer began on Nov. 21 and ended at 9 a.m. ET on Nov. 29.

The purchase price for the outstanding hybrid bonds will be 102% of par plus accrued interest to the settlement date, Dec. 5.

Following completion of the tender offer, Sponda will have €92.8 million of the bonds remaining. The bonds are callable on June 27, 2013.

As previously noted, the tender offer is conditioned on completion of a €90 million issue of hybrid bonds. The company announced on Nov. 21 that the new hybrid bond will have a principal amount of €95 million, and the first call date will be Dec. 5, 2017.

Nordea Markets is the dealer manager and tender agent.

The property investment company is based in Helsinki, Finland.

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