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I.M. Skaugen buys back NOK 8 million of convertibles
New York, Feb. 21 - I.M. Skaugen ASA bought back NOK 8 million of its convertible bonds, according to a Tuesday news release.
The repurchase was at a price of 398. If converted, the bonds would have been exchangeable for 133,333 shares.
The Oslo, Norway, marine transportation company originally sold NOK 124 million of the convertibles in July 2001. The nominal value of the convertible bonds is currently NOK 18 million, of which I.M. Skaugen owns NOK 8 million.
The current conversion price is NOK 60 per share less NOK 21.00 per share, which will be paid at the time of conversion as a compensation for the dividend.
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