Wereldhave to buy back £20 million of 9½%, 10¾% first-mortgage debenture stock

By Jennifer Chiou

New York, Dec. 7 - The Netherlands' Wereldhave NV announced the repurchase of up to £20 million combined of its £30 million of 9½% first-mortgage debenture stock due 2015 and £20 million of 10¾% first-mortgage debenture stock due 2015.

Wereldhave said it asked The Royal Bank of Scotland (44 20 7085 8056) to solicit offers from stockholders to buy back the securities at a minimum margin of 60 basis points over the semi-annual gross redemption yield of the 4.75% Treasury Stock due 2015.

The Hague-based property company said it will cancel the repurchased securities.

According to the trust deed of the stocks, the repurchase price will not exceed 115% of the middle market quotations for the last business day preceding the purchase date.

The repurchase offer ends on Dec. 13.

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