Gem Diamonds buys back all $16 million convertibles due 2009 at 98.5

By Susanna Moon

Chicago, May 26 - Gem Diamonds Ltd. said it purchased all of its outstanding variable-rate convertible bonds due Oct. 2, 2009 for $15.76 million.

The company paid 98.5% of par plus accrued interest of $144,000.

Gem Diamonds is a London-based global diamond company.

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