Enterprise Holdings may buy back €2 million 7% bonds until year-end

By Susanna Moon

Chicago, July 2 – Enterprise Holdings Ltd. plans to repurchase up to €2 million of 7% corporate bonds under a buyback program from July 2 through Dec. 31.

In general the bank commissioned with the transaction may not purchase more than 25% of the average daily volume of the bonds at the exchange at which the purchase is made, according to a company press release.

Each purchase price of the bonds may not exceed the respective independent prior transaction price and may not exceed the highest independent offer price at the exchange at the time of the purchase, the company noted.

The buyback program may be paused and resumed at any time, and the company said it reserves the right to sell the corporate bonds again.

The bonds were issued on Sept. 26, 2012.

“During the last days we noticed irrational and volatile prices in our bond. Despite having enough liquidity and facing the bargain to buy back bonds from the market, we could not do so,” Andrew Flowers, chief executive officer of the Enterprise Holdings Ltd., said in the company press release.

“With the buyback program we are now able to react on very short notice.”

Based in Munich, Enterprise Holdings is an owner-led insurance firm with its main markets in the United Kingdom, France, Greece and Italy.

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