Western Areas buys back A$15 million convertibles, may repurchase more

By Angela McDaniels

Tacoma, Wash., Feb. 27 - Western Areas Ltd. repurchased A$15 million of its convertible bonds due July 2, 2014 at around par value plus accrued interest, according to a company news release.

The repurchased convertibles will be canceled, leaving 381 convertibles quoted on the Singapore Stock Exchange.

The repurchase followed the completion of an ordinary share placement.

The company said it has cash set aside to retire the remaining convertibles, which are valued at about A$95.2 million, at maturity, but it may purchase more of them on the market if favorable terms are available.

Western Areas is a Perth, Australia-based nickel sulphide mining and exploration company.

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