Pipex calls its 3.875% convertibles

By Susanna Moon

Chicago, Sept. 17 - Pipex Communications plc said it plans to redeem its 3.875% guaranteed convertible bonds due 2011.

The company will pay par plus a premium of £20 per £1,000 principal amount plus accrued interest for the convertibles. The redemption date is Oct. 12.

The company said on Aug. 21 that holders of Pipex Finance (Jersey) Ltd.'s £80 million convertibles approved an amendment that will allow Pipex to redeem the bonds at par plus the premium and accrued interest.

Under original terms, the convertibles were non-callable through March 2009 and could only be called after that if Pipex shares exceeded 130% of the conversion price.

The amendment was to take effect following the completion of Pipex's planned sale of its subsidiaries that make up its consumer broadband and voice division to Tiscali SpA for roughly £210 million.

Pipex is a telecommunications and internet service provider with offices in Stoke Mandeville, England, and London.

© 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.