Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers M > Headlines for MF Global Ltd. > News item |
MF Global tenders for $210 million 9% convertibles
By Susanna Moon
Chicago, Feb. 24 - MF Global Ltd. said it began a cash tender offer to purchase any and all of its $210 million outstanding 9% convertible senior notes due 2038.
The company said it will pay $620 per $1,000 principal amount of the notes plus accrued interest up to the payment date.
MF Global plans to fund the purchase from available cash, which was recently augmented by $250 million in excess regulatory capital distributed to the company by one of its regulated subsidiaries.
The tender offer will expire at midnight ET on March 23.
The tender offer is not conditioned upon any minimum principal amount of notes being tendered.
J.P. Morgan Securities Inc. (800 261-5767) is dealer manager. Georgeson Inc. is the information agent, and U.S. Bank NA (800 945-4689) is the depositary.
The company said that if all of the notes are tendered, MF Global's interest expense will decline by about $19 million per year on a GAAP basis.
Hamilton, Bermuda-based MF Global is a broker of exchange-listed futures and options.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.