Novion RE holders may put 5.75% convertibles due 2016 after delisting

By Susanna Moon

Chicago, June 12 – Novion RE Ltd. said noteholders may put its A$299.5 million of outstanding A$300 million 5.75% convertible notes due 2016.

The put option was triggered under the note terms when Novion’s securities were delisted from the stock exchange on June 12, according to a company press release.

As a result, the notes are putable at par plus accrued interest on Aug. 25, with the option exercisable from Friday until Aug. 11.

The Bank of New York Mellon is the trustee.

Novion RE, formerly Commonwealth Managed Investments Ltd., and a wholly owned subsidiary of Novion Ltd., is a property investment and corporate real estate group based in Sydney, Australia.

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