Lonrho gets tenders for 97.9% convertibles in change-of-control offer

By Susanna Moon

Chicago, Sept. 18 - Lonrho Holdings Ltd., formerly FS Africa Ltd., said holders had tendered $68.5 million principal amount, or about 97.9%, of Lonrho plc's convertible bonds in the change-of-control offer that ended at noon ET on Sept. 17.

Settlement will occur on Oct. 1, according to a company press release.

As previously announced, the purchase price is $10,649.12 per $10,000 principal amount of the Lonrho convertibles, which was based on the change-of-control amount of $10,326.34 and accrued interest of $322.78.

Lucid Issuer Services (44 20 7704 0880) is the tender agent.

FS Africa announced on July 19 that the change-of-control date was July 19 for its cash offer for Lonrho's convertible bonds after the company's acquisition of Lonrho, which was announced on June 5.

The United Kingdom-based industrial group is focused on investments in Africa.

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