Draka holders tender €74.2 million 4% convertibles due 2010

By Susanna Moon

Chicago, Dec. 19 - Draka Holding NV said bondholders tendered €74.2 million of 4% convertible bonds due 2010, or 74.2%, of the outstanding amount.

Draka announced the cash and equity offer for its outstanding €100 million of convertibles on Dec. 8. The bonds were issued on Dec. 8, 2005.

There is €25,716,000 of the bonds outstanding.

Draka's reported debt will be reduced by €51.9 million and its shareholder equity position will grow by €51.9 million, according to a press release.

Tax-free book profit of up to €18.5 million is expected to result from this transaction.

Draka is based in Amsterdam and makes cables and cable systems through its operating companies.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.