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Global Fashion works with institutional investors to buy 27% of convertibles
Chicago, Aug. 18 – Global Fashion Group SA announced a partial buyback of its outstanding convertible bonds due 2028 (ISIN: DE000A3KMT51), according to a notice.
The company is buying €74.6 million principal amount of the bonds from certain institutional investors.
As of Friday, the outstanding amount of bonds not held by the issuer was €279.9 million, representing a 27% buyback.
The company is buying the bonds at 73 plus accrued interest, amounting to €553.67 per €100,000 bond.
Settlement is expected for Aug. 25.
After settlement there will be €205.3 million of the bonds outstanding and not held by the company.
GFG will continue to look at opportunities to reduce its outstanding bonds.
The issuer is a fashion retailer in Latin America, Southeast Asia and Australia and New Zealand. The company is based in Singapore.
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