AbitibiBowater ups principal amount of convertibles to pay interest

By Jennifer Chiou

New York, Oct. 17 - AbitibiBowater Inc. said that it elected to make the Oct. 15 interest payment on its $350 million of convertible senior notes due 2013 by increasing the principal amount of the notes by $18,861,111 to $368,861,111.

AbitibiBowater said that the notes are convertible into common shares at any time prior to the close of business on the business day immediately preceding the maturity date based on an initial conversion rate of 100 shares per $1,000 principal amount of notes. The company's shares closed at $1.85 per share on Friday.

The company is a Montreal-based producer of newsprint and commercial printing papers, market pulp and wood products.

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