PERTH (miningweekly.com) – Uranium miner Paladin Energy has repurchased $11-million of its outstanding $254-million convertible bonds, which were due in 2017.
The ASX and TSX-listed company reported on Wednesday that the cash expenditure for the repurchase was about $9.9-million, as the bonds were bought back at an average price of 90%.
The repurchase, which was funded from operating cash flow, would save Paladin about $2-million in the form of avoided principal and coupon payments over the period to maturity of the convertible bonds.
Along with a September repurchase of $20-million, the latest repurchase has reduced the principal amount outstanding from $274-million to $243-million.
The 2017 convertible bonds were issued in April 2012, and are listed on the Singapore Exchange.