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Lonmin holders convert all $215.795 million of 3.75% convertible bonds ahead of redemption
By Jennifer Chiou
New York, Dec. 13 - Lonmin plc announced that holders of all of its $215.795 million of 3.75% convertible bonds due 2008 opted to convert their securities.
As a result, the London mining company will issue 10,576,949 new shares.
Holders had until 11 a.m. ET on Dec. 12 to convert their bonds at a conversion price of £12.3277 per ordinary share, or 49.0141 shares for each $1,000 principal amount of bonds.
Had any bonds not been converted, they would have been redeemed for cash on Dec. 18. The company announced plans for the redemption on Nov. 15.
Lonmin is a mining company based in London.
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