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STMicroelectronics buys back $214 million convertibles
New York, May 23 - STMicroelectronics said it bought back a further $214 million of its zero-coupon senior convertible bonds due 2010 for $167.4152 million.
The Geneva-based semiconductor company said the securities were repurchased through a financial intermediary in off-market transactions after the close of the Euronext Paris market on May 22. The average price paid was $782.314.
The financial intermediary also carried out transactions with some bondholders to unwind credit default swaps they had used to hedge the bonds.
The latest buyback represents 9.97% of the original amount of the convertibles issued.
On March 7, STMicroelectronics said it bought back $428.77 million of its zero-coupon senior convertible bonds due 2010 at a cost of $328.21 million or an average of $765.47 per bond.
In total the company has now repurchased 29.95% of the original amount issued.
BCP International to redeem 8% exchangeables
New York, May 23 - BCP International Bank Ltd. said it will redeem its 8% non-cumulative guaranteed exchangeable preference shares series A on June 30.
The Lisbon, Portugal bank will pay $50 per share plus $1.00 per share for accrued dividends from March 31.
Holders can exchange the shares for ordinary shares or American Depositary Shares representing ordinary shares of Banco Comercial Portugues, SA up to 5.00 p.m. ET on June 23. Based on an exchange price of $2.15, the exchange ratio is 23.2619 ordinary shares or 4.6511 ADSs. Banco Comercial Portugues ADSs closed at $8.20 on Friday.
The bank intends to delist its ADSs from the New York Stock Exchnage and focus its listing on the Euronext Lisbon exchange.
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