16th Jun 2015 09:49
LONDON (Alliance News) - Ferrexpo PLC Tuesday said its Ferrexpo Finance PLC subsidiary had received instructions with respect to 84.53% of the aggregate principal amount of its outstanding guaranteed notes due in 2016, of which 99.42% voted in favor of the exchange offer, meaning it got above the 75% majority required to complete the offer.
It said the exchange offer, which has just passed the early exchange and consent deadline, will remain open until June 30. It expects to settle the exchange offer to be settled in early July.
If the exchange offer is completed successfully, the USD285.7 million of existing notes due in April 2016 will be exchanged for nearly USD100 million in cash and about USD185.7 million of new notes which have substantially identical terms and conditions to the Ferrexpo Finance 2019 notes issued in February 2015.
Ferrexpo shares were down 1.1% at 70.25 pence Tuesday morning.
By Steve McGrath; [email protected]; @stevemcgrath1
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