Telekom Austria to propose convertible bonds issue at annual meeting

By Jennifer Chiou

New York, April 17 - Telekom Austria AG said that its management board plans to propose an issue of bonds, which will grant conversion or subscription rights for up to 80 million of the company's shares.

The meeting is slated for May 20 in Vienna.

The 80 million shares makes up about 17.4% of Telekom Austria's share capital.

The bond proposal will involve several tranches of securities.

For the bonds, the management board reported that it may use either conditional capital of up to 40 million shares and/or treasury shares from the share buyback.

After approval, the company will have authorization to issue convertible bonds for five years.

The convertible bonds can also be issued by a company that is 100% directly or indirectly owned by Telekom Austria AG.

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