BlackRock Latin American to convert remaining 3.5% bonds on Oct. 16

By Marisa Wong

Madison, Wis., Sept. 23 - BlackRock Latin American Investment Trust plc has issued a notice to holders of its outstanding 3.5% convertible bonds due 2015 that all of the remaining bonds will be converted into ordinary shares on Oct. 16.

The bonds will be converted at the conversion price of $9.83.

The company is forcing conversion of the bonds, because less than 25% of the original nominal amount of the convertible bonds remains outstanding. As announced on Sept. 10, investors had tendered $47,003,000 of its outstanding $64 million bonds in an offer announced on Aug. 23.

Bondholders may request to have their bonds redeemed instead of having them converted. Holders who submit a put notice by 10 a.m. ET on Oct. 9 will have their bonds redeemed at par on the conversion date.

BlackRock is an investment management firm based in New York.

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