IOU Financial plans to buy back up to $2 million of convertibles

By Rebecca Melvin

Concord, N.H., April 8 – IOU Financial Inc. intends to repurchase up to $2 million of its convertible debentures at a discount, according to a news release.

IOU will seek to repurchase the debentures under repurchase agreements to be entered into with individual debenture holders and to close the repurchases by no later than June 30.

There can be no assurances that any debentures will be repurchased. Should they be completed, the total reduction in interest expenses will amount to about $500,000, representing the interest savings for the period from July 1, 2021 to the Dec. 31, 2023 maturity date.

Holders interested in participating in the repurchases are invited to contact Benjamin Yi (byi@ioufinancial.com) or David Kennedy (dkennedy@ioufinancial.com) indicating their interest.

The Montreal company is an online lender for small businesses in the United States.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.