USIGH gets OK to eliminate convertibility of 6.25% Arundel notes

By Mary-Katherine Stinson

Lexington, Ky., Feb. 22 – USIGH Ltd. announced the required majority of third-party noteholders agreed to amend the terms and conditions of its 6.25% notes due March 31, 2027, according to a notice.

The notes are guaranteed by parent Arundel AG.

The amendment, effective March 1, eliminates the convertibility of the notes. Previously, holders had the right to convert their shares into shares of Arundel at a conversion price of CHF 10.

Of the total issue of CHF 42.04 million notes, CHF 25,753,751 are held by third parties and were eligible to vote. Of those, votes from 16,704,647 of the notes were received, constituting 64.86% of eligible votes. All votes received were in favor of the proposed amendments.

USIGH is a British Virgin Islands subsidiary of Arundel, a Swiss company.

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