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Prospect News home > News index > List of issuers T > Headlines for Tenders 2009 > News item |
Petroplus plans tender for $500 million 3.375% convertible bonds
By Jennifer Chiou
New York, Sept. 9 - Petroplus Finance Ltd., a subsidiary of Petroplus Holdings AG, plans to begin a cash tender offer for its $500 million of 3.375% convertible bonds on Sept. 11.
The company will pay par plus accrued interest.
Petroplus is also convening a bondholders' meeting on Sept. 11 to seek votes in favor of an extraordinary resolution to permit the company to redeem in full the securities.
The company is looking for approval from holders of a majority of the notes.
The offer will close on Oct. 9, and an additional bondholders' meeting is slated for Oct. 13.
If a quorum of two-thirds is not reached at the meeting, a second meeting is scheduled for Oct. 27. If that is the case, settlement is earmarked for Oct. 30.
The company said it will use the proceeds from its issue of about $400 million of senior notes as well as about $150 million of new convertible bonds to finance the offer.
Petroplus is a Switzerland-based oil refiner.
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