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Clariant to redeem CHF 300 million of 3% convertibles due 2014
By Tali David
Minneapolis, Feb. 6 - Clariant Ltd. announced the early redemption of its CHF 300 million of 3% convertible bonds 2009-2014 on March 21, according to a press release.
The convertibles will be redeemed at par plus accrued interest.
Holders have the right to convert their bonds by the end of March 12.
Given the current share price for Clariant registered shares, the company said it expects bondholders to largely or completely exercise their conversion rights.
In case all holders of the convertible bond make use of their conversion rights, up to 36,186,971 registered shares will be issued as a result.
The new Clariant registered shares will be entitled to dividends for the financial year 2012, the release said.
Clariant makes specialty chemicals and is based in Muttenz, Switzerland.
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