Mahindra & Mahindra calls all $141.2 million zero-coupon convertibles

By Melissa Kory

Cleveland, Oct. 8 - Mahindra & Mahindra Ltd. announced that it will redeem all its outstanding $141.2 million zero-coupon foreign currency convertible bonds due April 14, 2011 on or before Oct. 29.

Any notes not converted by Oct. 29 will be redeemed on Nov. 8.

The company issued a total of $200 million of the convertibles on April 13, 2006. In 2008 and 2009, the company repurchased and cancelled $10.5 million convertibles.

Over the last three months, $48.3 million notes have been converted into equity.

The Bank of New York is the agent for redemption.

Mahindra is a Mumbai, India, manufacturer of tractors and light commercial vehicles.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.