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Forester gets tenders for 38% of Man Group's 3.75% exchangeables
By Jennifer Chiou
New York, July 21 - Forester Ltd. announced that holders of £152.105 million or 38% of Man Group plc's £400 million of 3.75% exchangeable bonds due 2009 elected to exchange their notes for stock.
The offer ended at 11 a.m. ET on July 20. It began on July 13.
The company added it issued 11,864,652 shares in exchange for the bonds.
For each £1,000 of bonds, the company said it will pay a fixed sum of £41.20, which is made up of the current premium to parity of 2.4%, accrued interest of 0.72% and an offer spread of 1%.
The payment date is Aug. 1.
As already reported, the offer is being made to accelerate the exchange of the bonds for shares as part of Man Group's capital restructuring.
The company previously said that the bonds are deeply in the money due to Man Group's share price being significantly above the exchange price of 1,282 pence.
If all bonds had been exchanged, the company would have issued 31,200,468 shares, accounting for a 10.19% increase in Man Group shares.
Deutsche Bank AG (44 20 7547 5393) and Merrill Lynch International (44 20 7996 2064) are the managers.
HSBC Bank plc is the principal paying and exchange agent.
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