FirstFarms offers to extend 6% convertible notes due 2016 by one year

By Susanna Moon

Chicago, Nov. 3 – FirstFarms A/S said it is offering to extend the maturity of its Kr 54.5 million of 6% convertible bonds due March 15, 2016 by one year.

The offer will run until Dec. 3.

Along with the offer, holders who previously have submitted a pledge for conversion with effect from Jan. 4 are exempted from the previous commitment, according to a company press release. If they want to maintain the conversion pledge, it may be done on unchanged terms, the company said.

In addition, holders also will get the possibility to submit a conversion pledge with effect from Jan. 2, 2017 and obtain a conversion premium of 0.5% of par if they choose to give information about conversion of the bond into shares, the company said.

If the prolongation option is not used, the bond can still be converted with effect from Jan. 4 or expire at maturity.

The purpose of the offer is to supplement the company’s cash resources, the release noted.

The Billund, Denmark-based company invests in agriculture and land in Eastern Europe.

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