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Renewable Energy buys back €79.05 million convertibles due 2014 at par
By Susanna Moon
Chicago, Aug. 13 - Renewable Energy Co. ASA said it bought back €79.05 million of convertible bonds due 2014 at par.
Of the bonds repurchased, NOK 185 million will be settled in cash and the remainder through the issue of $74 million of new convertible bonds due 2018, according to a company press release.
After settlement, there will be €81.2 million principal amount of the convertibles outstanding.
The completion of the convertible bond issue requires shareholder approval at a meeting to be held on Sept. 6.
Renewable Energy is a Sandvika, Norway-based company active in the solar energy sector.
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