Novae Group announces purchase of 16.68% of 6½% bonds for cancellation

By Tali David

Minneapolis, Jan. 7 - Novae Group plc said it purchased 16.68% of its 6½% bonds due April 27, 2017 for cancellation, 4.18% more than previously announced, according to a notice.

On Jan. 3, the company announced its intention to purchase up to 12½% of the bonds.

The total transaction consideration is now £10,521,601, including accrued interest.

Lloyds TSB Bank plc is the agent for the repurchases.

Following the transaction, £49,935,000 of the bonds remains outstanding.

Novae is a London-based risk-taking insurance business.

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