Algoma Central to redeem 6% convertible debentures on July 22

New York, June 27 – Algoma Central Corp. will redeem its C$69 million of 6% convertible unsecured subordinated debentures due 2018 on July 22, according to a news release.

The company will pay par plus accrued interest up to but excluding the redemption date. All of the price will be paid in cash.

Funding for the redemption will come from an offering of C$82.5 million of 5.25% convertible unsecured subordinated debentures due 2024 that priced on June 1.

Algoma is a Saint Catharines, Ont.-based operator of dry and liquid bulk carriers.

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