Alumina subsidiary buys back, cancels $50 million of 2% convertibles

By Jennifer Chiou

New York, April 5 - Alumina Ltd. announced that Alumina Finance Ltd. has repurchased and canceled $50 million of its $350 million of five-year 2% convertible bonds.

The buyback is part of an ongoing capital management strategy.

In August 2009, the convertibles, which mature on May 16, 2013, saw their conversion price lowered to A$6.5668 from A$7.7613. The adjustment was due to a rights issue of about 980 million ordinary shares at A$1.00 per share.

Holders may put back their bonds on May 16, 2011.

Melbourne, Australia-based Alumina is involved in worldwide bauxite mining activities.

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