Atlas Mara lowers conversion price of 8% convertibles due 2020

By Angela McDaniels

Tacoma, Wash., July 17 – Atlas Mara Ltd. adjusted the conversion price of its $63.4 million and $17.4 million 8% secured convertible bonds due 2020 on Monday, according to a filing with the London Stock Exchange.

The conversion price per ordinary share was reduced to $10.51 from $10.89.

The adjustment was made in order to reflect the issuance of $100 million of mandatory convertible bonds.

The new issue is part of a strategic financing agreement reached with Fairfax Africa Holdings Corp. that also includes a $100 million equity offering of new ordinary shares.

Atlas Mara is a financial services provider based in Tortola, British Virgin Islands.

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