Holcim offers cash for conversion of bond to shares
Holcim is offering a cash incentive to holders of its US dollar zero coupon convertible bond due 2017 to convert the bonds into shares, the company said on Monday.
"The cash amount compensates for the premium at which the bonds trade in the market and provides an additional 1.5 percent incentive," Holcim said, adding the offer opened on Monday and ends on Oct. 2.
Holcim said the book value of the outstanding bond as of June 30 was SwFr372m ($301.2m).
The company said the transaction aimed to reduce earnings volatility and optimise Holcim’s debt profile.
Published under Cement News
