First Resources calls remaining 5.625% bonds following conversion

By Marisa Wong

Madison, Wis., May 16 - First Resources Ltd. said that as of May 14 holders converted 91.5% of its 5.625% convertible bonds due 2014.

The amount of bonds outstanding after the conversion is $8.5 million. Because the outstanding amount is less than 10% of the original principal amount, the company will redeem the remaining bonds ahead of maturity.

The bonds will be redeemed on June 14 at the early redemption amount plus accrued interest to June 13. The total payment will be $103,462.18 per bond, which includes an early redemption amount of $102,196.55 and accrued interest equal to $1,265.63.

The company notified bondholders of the redemption on Tuesday.

First Resources is a Singapore-based owner of palm oil plantations in Indonesia.

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