Global Fashion starts Dutch auction for convertibles due 2028

Chicago, Aug. 22 – Global Fashion Group SA invited noteholders to tender up to €50 million principal amount of their convertible bonds due 2028 (ISIN: DE000A3KMT51) through a modified Dutch auction procedure, according to a press release.

There are €279.9 million of the bonds outstanding.

The group is offering cash. The purchase price will be between 71 and 73.

The offer started Tuesday. The deadline is 11 a.m. ET on Aug. 24.

On Aug. 18, the company announced it worked with noteholders to purchase €74.6 million of the notes and in 2022 the company purchased another €95.1 million of the notes which were not canceled but have been held in treasury.

Settlement is planned for Aug. 31.

The issuer is a fashion retailer in Latin America, Southeast Asia and Australia and New Zealand. The company is based in Singapore.

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