Innovate Capital announces conversions of 6% convertibles due 2024, additional finance charges

By Rebecca Melvin

Concord, N.H., March 9 – Innovate Capital Pte. Ltd. announced that conversions of its 6% guaranteed convertible bonds due 2024 (ISIN: XS1628861004) have reduced the outstanding principal amount of the bonds to $411,259,261.06 from $664,275,142 as of March 8, according to a notice.

The company also announced an additional finance charge of $1,850,666.67 that was due and payable for the period from Feb. 11 to but excluding March 8. The charge will be capitalized on the date falling six months from March 8.

The charge is one of six finance charges that remain unpaid from Sept. 8 due to insufficient funds and which will be capitalized.

The bonds, convertible to ordinary shares of PT Bumi Resources Tbk., were first issued Dec. 11, 2017.

PT Bumi Resources is a Jakarta, Indonesia-based mining company.

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