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Bowne amends convertibles to up coupon to 5.5%, add put option, extend call protection
By Jennifer Chiou
New York, Aug. 19 - Bowne & Co. Inc. announced that it amended the terms of its $75 million of 30-year 5% convertible subordinated debentures, adding extended call protection by eliminating the company's ability to redeem the debentures until after Oct. 1, 2010.
The New York document management company said that the semiannual cash interest payment has been raised 0.5% per year to 5.5% through Oct. 1, 2010.
The amendments also provide holders the opportunity to put back the securities on Oct. 1, 2010.
Bowne said that it has sufficient capacity under its existing $150 million revolving credit facility to repurchase all of the debentures but has decided to enhance the terms of the notes to encourage holders not to exercise their Oct. 1 repurchase rights.
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