Biofrontera extends exchange offer for 8% convertibles to Aug. 13

By Angela McDaniels

Tacoma, Wash., July 29 - Biofrontera AG extended the optional offer for the replacement of its 8% convertible bonds to Aug. 13 from July 30, according to a company news release.

The company said that for every two partial debentures of the convertibles tendered, bondholders will receive one partial debenture of Biofrontera's new option bonds due 2017 and 6.199 shares.

For every two partial debentures exchanged, holders will also be offered 3.554 shares at a price of €1 per share. Only whole shares will be issued, and a maximum of 330,000 new shares can be subscribed for by the holders.

As previously reported, holders of the convertibles agreed to extend the maturity date to July 2, 2012 from 2010 and cancel interest payments from Aug. 26, 2008 to Aug. 25, 2011.

In addition, holders decided to waive the interest payments that accrued from Aug. 26, 2008 and July 23 and were not yet disbursed.

VEM Aktienbank AG, Munich is the manager for the exchange offer.

Biofrontera is a biopharmaceutical company based in Leverkusen, Germany.

© 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.