MF Global to repurchase $109.1 million 9% convertibles due 2038

By Toni Weeks

San Diego, July 28 - MF Global Holdings Ltd. will use about $130.6 million of the proceeds from its planned offering of $300 million of convertible senior notes due 2018 to repurchase $109.1 million of its outstanding 9% convertible senior notes due 2038, according to a press release.

The repurchases will be made in privately negotiated transactions with a limited number of noteholders and are contingent upon the closing of the offering of the 2018 convertible notes.

MF Global will also use a portion of the net proceeds from the offering to fund the cost of convertible note hedge transactions and for general corporate purposes.

New York-based MF Global is a global broker-dealer of commodities and listed derivatives.

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