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Xstrata calls 3.95% convertible bonds due 2010
By Jennifer Chiou
New York, March 15 - Xstrata plc announced that its subsidiary, Xstrata Capital Corp. AVV, has called its original $600 million of 3.95% guaranteed convertible bonds due 2010.
The Zug, Switzerland-based mining company will redeem the bonds at par plus accrued interest up to the redemption date of April 16. The interest will amount to $6.58 per $1,000 principal amount of bonds.
One condition of the redemption is that holders of at least 85% of the principal amount of bonds exercise their conversion rights, and as of the close of business on March 14, the company said $14.73 million or 2.455% of the notes remains outstanding after conversions.
The exchange price at the close on March 14 was 544p per share, and the closing price for the shares on the same date was £23.01 apiece.
Holders may convert their notes until April 2.
Citibank, NA is the exchange, payment and conversion agent.
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