New Delhi: Hotel Leelaventure on Saturday said it has fully redeemed outstanding bonds for $41.6 million that were issued in 2007 and were listed on the Singapore Exchange Securities Trading Ltd.
“...on 25 May, 2012, the company has fully redeemed the outstanding Zero Coupon Convertible Bonds aggregating $41.6 million together with the redemption premium, along with applicable interest for the delayed period,” Hotel Leelaventure said in a filing to the BSE.
In April 2007, the company had issued $100 million Zero Coupon Convertible Bonds due in 2012.
“The outstanding bonds were due for redemption on 25 April, 2012. The redemption amount of the outstanding Bonds on the Redemption Date was 146.61% of the principal amount of such bonds and aggregated to $60.99 million,” the company said.
As per the circular, there is a provision for interest for the delayed period at the rate of 8.80% per annum the redemption value of the bond for the delayed period.
Hotel Leelaventure said the outstanding USD bonds now cease to exist.
Earlier, the company repurchased and cancelled 584 bonds of an aggregate principal amount of $58.40 million.
The latest round of exercise means the “full and final redemption of $100 million Zero Coupon Convertible Bonds due 2012”, it said.