Global Fashion takes in €27 million convertibles from Dutch auction

Chicago, Aug. 24 – Global Fashion Group SA is repurchasing €27 million face amount of its convertible bonds due 2028 (ISIN: DE000A3KMT51), according to a news release.

The company conducted a modified Dutch auction procedure for the bonds, offering between 71 and 73 as a purchase price.

The purchase price was determined to be 73, with interest of €574.05 per €100,000 bond also being paid.

Settlement is planned for Aug. 31.

There will be €178.3 million of the bonds outstanding after settlement, and €196.7 million will be held in treasury.

HSBC acted as sole dealer manager on the transaction.

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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