Citycon resumes buybacks of 4.5% convertibles with €900,000 purchase

By Susanna Moon

Chicago, July 16 - Citycon Oyj said it repurchased €1 million principal amount of its 4.5% subordinated convertible capital bonds due 2013 for €900,000, including accrued interest, through a deal that closed July 16.

The company said it has now bought back €38.25 million, or 34.8%, of the €110 million of convertibles issued on Aug. 2, 2006. It has paid a weighted average repurchase price of 57.7% of the bonds' face value.

The repurchases have been made in the open market.

Citycon said it bought back the bonds because it could do so at a discount and because the repurchases help bolster the company's balance sheet and cut its net financial expenses.

On Feb. 27, 2009, the company said it repurchased €2 million of the bonds for €1.1 million. On Dec. 10, 2008, the company said it bought back €5 million of the notes for €2.6 million, including accrued interest. On Nov. 25, 2008, the company paid 46% of par for €1 million face value of the bonds, including accrued interest.

Previous buybacks also were made between Oct. 28, 2008 and Nov. 4, 2008.

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

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