The company successfully completed the capital restructuring proposal that included a two stage capital reduction and a right issue of equity shares and mandatory convertible bonds
In the previous year Smartfren acquired a new loan from Niven Holdings Limited to refinance its maturing debt and had to issue mandatory convertible bonds
phase II and III totalling IDR6.4 trillion to cover its cash shortfall.
Vodafone intends to finance the acquisition using existing cash, new debt facilities (including hybrid debt securities) and around e1/43 billion of mandatory convertible bonds
The company in June announced that global energy leader Engie will purchase 40 per cent of Tabreed from Mubadala through the conversion of Mubadala's Mandatory Convertible Bonds
(MCBs) and transfer of 1.086 billion shares to Engie.
A total of 595 million kilowatt hours of electricity was saved across the GCC, enough energy to power approximately 20,000 homes every year, which in turn led to the prevention of the release of almost 297,500 tons of carbon dioxide, the equivalent of eliminating the emissions of 59,500 vehicles annually In other developments, the company recently announced that global energy leader ENGIE will purchase 40 per cent of Tabreed from Mubadala through the conversion of Mubadala's Mandatory Convertible Bonds
, MCBs, and transfer of 1.086 billion shares to ENGIE.
As part of the transaction, Mubadala which currently owns 82 per cent of Tabreed (on a fully diluted basis, through a combination of equity and mandatory convertible bonds
), will be converting all its MCBs (multi-currency bonds) into shares, with 1,086,211,654 shares (equivalent to a 40 per cent shareholding in Tabreed) being transferred to Engie at a price of approximately Dh2.62 ($0.71) per share, said a statement from the company.
According to an announcement by Mubadala Investment Company and Engie, Mubadala will convert all of its mandatory convertible bonds
into shares, with 1.086 billion shares (equivalent to a 40 per cent shareholding in Tabreed) being transferred to Engie at a price of approximately Dh2.62 per share.
"The company denies the appointment of any legal adviser in connection with bringing in a strategic investor or issuance of mandatory convertible bonds
," the company told the Dubai Financial Market (DFM).
Sadangi also said that an issue of mandatory convertible bonds
is also among the options being considered by the contractor's senior management team.
On 15th June 2016, ADNIC issued AED 390 million three-year Mandatory Convertible Bonds
(MCB) bearing 7.5 per cent annual coupon.
The new 450 million credit facility granted to Vallourec SA will become available subject to the closing of Vallourecs contemplated rights issue and a total capital increase (including the rights issue and mandatory convertible bonds
reserved for Nippon Steel & Sumitomo Metals Corp and Bpifrance) in an amount approximately equal to the 1 billion previously announced, as well as other customary conditions.
In 2015, the company connected over 15,000 refrigerated tonnes (RT) to customers in key markets across the GCC, while bringing to a successful conclusion the repurchase of 28 per cent of the outstanding mandatory convertible bonds
held by its bondholder.