Recticel buys back €12.1 million 5% convertibles at discount

By Angela McDaniels

Tacoma, Wash., Jan. 8 - Recticel SA/NV has repurchased €12.1 million of its €57.5 million 5% convertible subordinated bonds due 2017 over the past few weeks, leaving €45.4 million of the convertibles outstanding.

The purchase price equaled 52.5% of par, including transaction costs, according to a company news release.

The repurchased convertibles will be held in portfolio by one of Recticel's subsidiaries.

The company said it decided to buy back the convertibles because of sharp falls in the international convertibles markets.

Recticel is a Brussels-based maker of polyurethane foam used in bedding, insulation and other products.

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