Brussels, Belgium - Recticel has said that over the past few weeks it has bought back additional subordinated convertible bonds it originally issued in July 2007.
The polyurethane foam manufacturer had already bought back Euro 12.1 million ($16 million) of the original Euro 57.5 million bonds in 2008/early 2009. Following falls on the international convertible bonds market, the company decided to buy back a further Euro 8 million of the bonds for 46.52 percent of their nominal value, Rectical said 24 April.
The company said that as a result of the transaction, it will generate a gain of Euro 3.5 million. Recticel will hold the bonds in portfolio by a subsidiary of the group and for the time being will not be destroyed.
Third parties now hold a total of Euro 37.4 million net in outstanding convertible bonds, which may potentially be converted into a maximum of 2 639 379 new
Shares, the company added.
Recticel also said the aborted sale of its Interior Solutions division (Automotive) to German investment group Nordwind Capital, has resulted in Recticel being ordered by The Court of Arbitration to pay Euro 1.6 million to Nordwind after the case was put before the ICC (International Chamber of Commerce). (RD)