Global Energy redeems $5.8 million variable coupon convertibles

By Devika Patel

Knoxville, Tenn., Oct. 19 - Global Energy Development plc said it will redeem its $5.8 million of variable coupon convertible notes due 2012 at par plus interest to Nov. 15, the redemption date.

"We are pleased to be able to reduce our outstanding debt obligations from our increased cash balance and to still pursue our near-term development plans out of remaining cash on hand and increased cash flow from operations," managing director Steve Voss said in a press release.

Based in London, Global Energy is an oil and natural gas exploration company.

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