Citycon buys back €2 million more 4.5% convertibles for €1.1 million

By Susanna Moon

Chicago, Feb. 27 - Citycon Oyj said it repurchased €2 million more of its 4.5% subordinated convertible capital bonds due 2013 in the open market on Wednesday.

The company said it paid €1.1 million for the bonds.

On Dec. 10, the company said it bought back €5 million more of its 4.5% convertibles in the open market for €2.6 million, including accrued interest. On Nov. 25, the company paid 46% of par for €1 million face value of the bonds, including accrued interest.

Including previous buybacks made between Oct. 28 and Dec. 2, Citycon has repurchased €29.1 million, or 26.5%, of the €110 million of convertibles issued on Aug. 2, 2006. The weighted average repurchase price was 53.4% of par.

The repurchased convertibles will be canceled.

The company previously said it made the repurchases because the market situation has allowed it to buy back the convertibles at a discount and because the repurchases allow it to strengthen its balance sheet and decrease its net financial expenses.

Citycon is a Helsinki, Finland-based property investment company with a focus on retail centers.

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