Corus to buy back bonds worth 800 mn euros

Corus to buy back bonds worth 800 mn euros
PTI
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First Published: Wed, May 02 2007. 05 12 PM IST
Updated: Wed, May 02 2007. 05 12 PM IST
London: Anglo-Dutch steelmaker Corus, which has been acquired by India’s Tata Steel, is offering to buy back bonds worth euro 800 million (over Rs 4,400 crore).
As part of the British law, any company which undergoes a change of control is obliged to offer each bondholder the right to sell their holdings either partly or fully back to the firm, a statement said.
Corus Group Plc, the leading UK steelmaker, was acquired by Tata Steel for $12.9 billion in a nine-round auction against Brazil’s CSN earlier this year.
Corus would repurchase all or any of the 7.5% bonds maturing in October 2011 on 7 June (settlement date) at 1,023.75 Euro each, Corus said in the statement.
The repurchase amount is equal to 101% of the aggregate principal sum of the bonds being bought, the company added.
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First Published: Wed, May 02 2007. 05 12 PM IST
More Topics: Money Matters | Bonds |