Plambeck Neue Energien completes €1.5 million repurchase of 6% convertibles early

By Angela McDaniels

Seattle, Dec. 28 - Plambeck Neue Energien AG said it completed the buyback of convertible bonds from a 6% convertible loan due 2009 on Wednesday, two days ahead of schedule.

Roughly €1.5 million in convertibles were repurchased, and the company recorded a €0.7 million profit.

The transaction reduced Plambeck Neue Energien's liabilities by about €2.2 million and eliminated €133,000 in annual interest payments, the company said.

VEM Aktienbank AG carried out the buyback.

Plambeck Neue Energien operates renewable power wind farms and is based in Cuxhaven, Germany.

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