Bondholders are entitled to convert, at any time during the period commencing on the date following 20 calendar days after subscription date for the convertible bonds
up to and including 15 November 2018, all or part of the loan amount into shares of the company.
In a concurrent buyback, Petropavlovsk offered USD1,080 per USD1,000 of existing USD100 million 9.00% convertible bonds
due in 2020.
According to the company, the total consideration of the repurchase of the convertible bonds
and the subscription right was USD13.6m in cash, excluding accrued interest.
The firm has appointed Xavier Lattaignant as its director of the convertible bond
As of 13 June, the shares of Ablynx were delisted from the regulated market of Euronext Brussels; the ADSs were delisted from the NASDAQ Global Select Market; and the convertible bonds
were delisted from the open market Frankfurt MTF.
Digitalist said that on 4 April 2016, its largest shareholder Tremoko subscribed for the convertible bond
directed to Tremoko in accordance with the decision of Digitalist's Annual General Meeting of 7 April 2016 in full, worth altogether EUR 9,200,000.95.
Fisch Asset Management, in partnership with The Gulf Bond and Sukuk Association (GBSA), held a workshop in the Dubai International Financial Centre (DIFC) on October 2 on the topic of Convertible Bonds
in the Middle East.
Why are convertible bonds
suitable for GCC issuers?
If they want to exit or reduce it over time, convertible bonds
are an appealing instrument for them to do so.
SMIC is exercising its right to call or redeem the 1.625percent a year fiveyear convertible bonds
by April 19 this year, the conglomerate disclosed to the Philippine Stock Exchange (PSE) Friday.
This week the bank announced on the stock exchange that Third Point and its associated companies bought, off-floor, e1/47.7m worth of convertible bonds
from the Archbishopric at a discount price of e1/45.5m.
The convertible bonds
are difficult to be priced due to embedded American-style options from the provisions, such as callability and puttability, where the ability of the issuing firm to exercise its options depends on the path of the underlying stock price.