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Thoresen redeems one-third of 2.5% convertibles in first installment
By Susanna Moon
Chicago, Sept. 30 - Thoresen Thai Agencies PCL said it redeemed $34.3 million, or one-third, of its outstanding 2.5% convertible bonds due 2012 on Sept. 24.
Thoresen said it paid $109,640 per bond.
The principal amount per bond was originally $300,000 but was reduced by $100,000, according to a company press release.
After the redemption, the principal amount per bond is $200,000, and there is $68.6 million of the convertibles outstanding.
The company said on Aug. 25 that it would redeem each of its outstanding 2.5% convertible bonds due 2012 in installments on Sept. 24, Sept. 24, 2011 and Sept. 24, 2012.
As of Aug. 24, a total of $102.9 million of the original $169.8 million issued convertibles remained outstanding.
The company said it would pay the first redemption amount in cash.
Thoresen Thai is a shipping company based in Bangkok.
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