Novion RE issues clean-up call for remaining 5.75% convertibles

By Angela McDaniels

Tacoma, Wash., Aug. 26 – Novion Re Ltd. will redeem all of its outstanding 5.75% convertible notes due 2016 on Sept. 28, according to a notice to noteholders.

The redemption price is par plus accrued interest.

The issuer has the option to redeem the convertibles because at least 90% of the convertibles originally issued have already been converted, redeemed or purchased and canceled.

The issuer issued A$300 million principal amount of the convertibles in July 2011, and A$930,000 principal amount remained outstanding as of Aug. 26.

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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