GREY:LSTMF - Post by User
Post by
kmappon Aug 08, 2015 6:31am
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Post# 23999968
Picking up and cancelling $100 bonds?
Picking up and cancelling $100 bonds?ltrabs wrote: I find it interesting that Management seem to have cancelled more
of the legacy USD bonds by issuing $54.8 mn secured bonds in exchange for
$81 mn of the unsecured veriety ... Net another $26.2 mn ....
see note 17, (p 42 of 43) at the end of the Q2 report ...
I haven't bothered to determing how many are left, but ... during Aug. the $100
face value bonds traded between $24 and $32 USD$
There will probably by more swaps foe secured bonds or better yet
us some of the $200 mn USD they just receiver for new secured bonds to
pick up all they can in the market.
Picking up and cancelling $100 bonds for $30 represents a considerable reduction in total debt.
------------------------------------------------Itrabs, If I recall correctly a similar question was asked on the CC if LTS could buy the bonds or shares on the open market cheap? I think the answer was they are at their allowed limit of bonds that could be swapped but I wonder if that meant they couldn't buy any bonds on the open market either or why they couldn't? You can listen to a replay of the CC for their exact wording and reply with your interpretation? Thanks kmapp Replay dial-in numbers: 1-905-694-9451 / 1-800-408-3053 Passcode: 8559370