Everest Kanto decides to repay 0% convertibles at original maturity

By Marisa Wong

Madison, Wis., Oct. 12 - Everest Kanto Cylinder Ltd. issued a notice dated Oct. 11 saying it redeemed in full its $35 million zero-coupon convertible bonds. The company paid a redemption amount of $49.98 million.

Last month the company said it wanted to extend the maturity date to Feb. 11, 2013 from Oct. 10, 2012. A bondholder meeting was scheduled for Oct. 9 to consider the extension. However, as Prospect News reported, the requisite quorum was not present, so the meeting was adjourned.

The company had said on Tuesday that it was continuing to engage with the bondholders and its other lenders to enter into one or more financing agreements to either repay the convertibles or to restructure their terms.

Everest Kanto is a Mumbai, India-based industrial cylinder producer.

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