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Novae Group buys back £6.79 million of 8 3/8% notes at discount for £4.3 million
By Jennifer Chiou
New York, May 7 - Novae Group plc said it purchased £6.79 million more of its 8 3/8% subordinated notes due April 27, 2017 at 62.5p per 100p nominal value.
The total consideration including interest is £4.3 million.
After the buyback, £70 million of the notes remain outstanding.
The company issued £100 million of the notes on April 27, 2007.
Novae is a London-based risk-taking insurance business.
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