Dolphin Capital unit wraps tenders for $8.91 million convertible notes

By Susanna Moon

Chicago, April 18 - Dolphin Capital Investors Ltd. said its subsidiary DCI Holdings Seven Ltd. completed the tender offer for $40 million convertible bonds on Wednesday.

Investors had tendered $8.91 million convertibles, and the company plans to fund the offer with a new issue of $9.17 million convertible bonds on April 23, according to a press release.

The purchase price was par plus accrued interest, according to a previous company press release.

The company sought to refinance some of the bonds as part of its plans to transfer its Playa Grande Club & Reserve, Dominican Republic, project to a new wholly owned holding company, the prior release noted.

The real estate investment company is incorporated in the British Virgin Islands.

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