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Atlas Mara lowers conversion price of 8% convertibles due 2020
By Marisa Wong
Morgantown, W.Va., Sept. 6 – Atlas Mara Ltd. adjusted the conversion price of its $63.4 million and $17.4 million 8% secured convertible bonds due 2020, according to a filing with the London Stock Exchange.
The conversion price per ordinary share was reduced to $10.14 from $10.51, effective Aug. 31.
The adjustment was made in order to reflect the issuance of $100 million of new ordinary shares.
The equity issuance is part of a previously announced strategic financing agreement reached with Fairfax Africa Holdings Corp. that also included a $100 million issuance of mandatory convertible bonds. The convertible bond issuance triggered a prior adjustment to the conversion price for the 8% bonds, as announced in July.
Atlas Mara is a financial services provider based in Tortola, British Virgin Islands.
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