| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers T > Headlines for Tenders 2008 > News item |
Punch Taverns buys back £49.5 million 5% convertibles due 2010
By Susanna Moon
Chicago, Oct. 27 - Punch Taverns said it repurchased £49.5 million, or 24% of the outstanding nominal value, of 5% convertible bonds due 2010 issued by Punch Taverns (Redwood JerseyCo) Ltd.
Following the buybacks, £209 million of the convertibles will be outstanding.
The company said it bought back the bonds at an average price of £75 per £100 note, reducing the redemption value due in December 2010 by £70.8 million.
The purchases were funded from cash.
Punch Taverns said it will continue to monitor its use of cash to maximize the benefit to shareholders.
"The strong cashflows generated by our business have enabled us to realize the opportunity offered by the current weakness in debt markets," Giles Thorley, chief executive of the company, said in a press release. "We have redeemed 24% of our convertible bonds, two years ahead of schedule and have saved over £20 million in the process."
Punch Taverns is a pub company based in Burton on Trent, England.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.