Sirius Minerals’ remaining 8.5% convertibles to be redeemed July 20

By Rebecca Melvin

New York, June 19 –Sirius Minerals Finance Ltd. will redeem the remaining $37.4 million of its 8.5% guaranteed convertible bonds due 2023 on July 20, according to a notice filed with the London Stock Exchange.

The convertibles are guaranteed by Anglo American Woodsmith Ltd., formerly Sirius Minerals plc.

Eighty-five percent of the issue was previously converted or redeemed.

The convertibles will be redeemed at par plus accrued interest of $2,455.55 per $200,000 principal amount of bonds.

As of June 18, the exchange price of the convertibles was $0.279, and the closing share price of the shares on the London Stock Exchange was £0.0549 on March 16, the final date of listing.

Bondholders are entitled to exercise their conversion rights until July 10. However a change of control conversion right amendment was made to the articles of the guarantor earlier this year so that any shares issued upon the exercise of conversion rights after the scheme became effective will immediately be transferred to Bidco in exchange for which the relevant bondholder will receive an amount in cash equal to the offer price for each ordinary share transferred.

Sirius Minerals is a U.K.-based fertilizer development company.

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