International Power says $52.22 million 2% convertibles tendered

New York, March 29 - International Power plc said holders of $52.22 million of the 2% senior convertible notes issued by International Power (Cayman) Ltd. tendered their securities and delivered consents.

The response represents 50.46% of the $103.52 million outstanding.

The offer expired at 12 p.m. ET on March 26.

International Power announced on March 22 that it was tendering for the convertibles to "provide further efficiency to the group's funding."

The company noted the securities were less than two years from maturity.

In addition, International Power said it was using the tender offer to update the terms of the notes to match its subsequent bonds and bank facilities.

The company was offering $1,082.50 per $1,000 principal amount of notes tendered plus accrued interest up to but excluding the settlement date.

Deutsche Bank AG was the tender agent (+44 20 7547 5000).

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