DF Deutsche Forfait holders choose to convert €5.56 million bonds

By Angela McDaniels

Tacoma, Wash., June 12 – DF Deutsche Forfait AG said the holders of €5,561,000 of its 2013/2020 corporate bonds tendered their bonds for conversion into shares.

The amount tendered represents 95% of the possible volume tendered for conversion, according to a company news release.

Bondholders were offered 580 new shares per €1,000 principal amount of bonds. The subscription period ran from May 19 to June 8.

The offer is part of the company’s restructuring plan that also includes the sale of new shares to existing shareholders under an €8.84 million rights offering.

As previously reported, bondholders voted at a meeting on Feb. 19 to temporarily reduce the interest rate to 2% from 7 7/8% until May 27, 2018.

Deutsche Forfait is a Cologne, Germany-based company engaged in the non-recourse purchase and sale of receivables as well as the acceptance of risks through purchasing commitments.

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