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I.M. Skaugen buys back NOK 2 million convertibles
Pittsburgh, Sept. 1 - I.M. Skaugen ASA bought back NOK 2 million of its convertible bonds at a price of 226, according to a company news release.
If converted, the bonds would have been exchanged for 33,333 I.M. Skaugen shares, the release said.
The convertible bonds carry a seven-year maturity with an option to convert to shares until May 2006.
The current conversion price is NOK 60 per share less NOK 3.50 per share to be paid at time of conversion as a compensation for dividend.
The company has NOK 97.5 million of the bonds outstanding, of which it now holds NOK 12 million.
I.M. Skaugen is an Oslo, Norway, marine transportation company.
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