Paladin Energy buys back $6 million more 6% convertibles at 91.75

By Susanna Moon

Chicago, Dec. 15 – Paladin Energy Ltd. said it repurchased another $6 million of its $243 million outstanding 6% convertible bonds due 2017.

The convertibles were repurchased at an average price of 91.75 for a repurchase price of about $5.6 million, according to a company press release.

Settlement has been set for Dec. 17.

The repurchases were funded from operating cash flow, which has been building since the beginning of the December quarter, the company noted.

Paladin said it “is experiencing positive operating conditions during the quarter, including the benefits of continued low reagent consumption since the reconfiguration of the bicarbonate recovery plant in September and the impact of Namibian dollar depreciation, which has fallen more than 8% over the course of the quarter to date.”

As previously announced, the company also repurchased $11 million of the convertibles at an average price of 90 and $20 million of the convertibles at an average price of 90.2.

Paladin is a Perth, Australia-based uranium mining company.

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