CAIRO: A unit of Weather Investments has repurchased and redeemed ?825 million ($1.2 billion) worth of 4.75 percent exchangeable bonds due in 2013, the company said on Friday.
The Italy-based holding company, which owns Egypt s Orascom Telecom, issued the buyback offer via its wholly-owned subsidiary Weather Capital Finance in August.
The bonds were exchangeable for Orascom Telecom shares and had weighed on the mobile operator s share price this year, analysts said.
Orascom shares were up 0.71 percent in London.
… Weather Capital Finance has repurchased and redeemed all of the bonds outstanding, thereby addressing and removing any overhang associated with the potential exercise of a put option, exercisable in February 2010, of the bonds back to the issuer, Weather said in a statement.
Holders of bonds worth ?750.5 million had tendered their bonds for purchase by the issuer, the firm said, adding that it had also redeemed bonds worth ?74.5 million.
Weather said settlement of the offers to sell and the redemption of bonds was completed on Thursday. – Reuters
