Augusta starts exchange for 4% convertibles

New York, Nov. 29 - Augusta Technologie AG said it has begun an offer to exchange its €75 million of 4% convertible bonds due 2005 for stock.

The Frankfurt am Main maker of niche high technology products is offering 117 shares per €1,000 principal amount of the convertibles.

The exchange expires at Dec. 23.

Augusta said it needs acceptance by holders of at least 95% of the bonds to avoid insolvency.

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