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Novae redeems £1.48 million more of its 7% convertibles due 2008
By Devika Patel
Knoxville, Tenn., Nov. 28 - Novae Group plc announced it has redeemed £1,478,000 more of its £50 million of 7% convertible bonds maturing Dec. 15, 2008.
The company announced its plans to redeem some or all of the notes on Nov. 7. On Nov. 13, it said it had redeemed £22,348,051 of the notes, and on Nov. 14, it redeemed another £6,799,500 of the bonds. It redeemed £2,023,187 of the notes on Nov. 15 and £420,200 more of the bonds on Nov. 21.
The notes were purchased at par plus accrued interest. Following this redemption, Novae has £16,782,722 of the bonds outstanding.
Novae is a London-based risk-taking insurance business.
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