This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.Here is a sample of this item:Mercer International Inc. Announces Private Exchange of Convertible Notes 2009-11-25 16:39 ET - News Release NEW YORK, Nov. 25, 2009 (GLOBE NEWSWIRE) -- Mercer International Inc. (Nasdaq:MERC) (TSX:MRI.U) is pleased to announce that it has entered into exchange agreements (the "Exchange Agreements") with holders (the "Holders") of $43,250,000 principal amount of its 8.5% Convertible Senior Subordinated Notes due October 2010 (the "Old Notes") pursuant to which the Holders will exchange such Old Notes for new 8.5% Convertible Senior Subordinated Notes of the Company due January 2012 (the "New Notes") equal to the principal amount of the Old Notes being exchanged plus accrued and unpaid interest thereon to the closing. The New Notes have substantially the same terms as the Old Notes other than their maturity of January 15, 2012 and conversion price of $3.30 per share.
Completion of the Exchange is subject to certain conditions, including NASDAQ approval and qualification of the indenture under which the New Notes will be issued.
Mr. Jimmy S.H. Lee, President and Chairman, stated: "We are pleased to exchange a significant amount of our outstanding convertible notes for new convertible notes with a longer maturity. We believe this will enhance our liquidity in the short and medium term and better position us to realize upon improving pulp markets and prices."
The remainder is available to Stockwatch subscribers.
If you would like to give the Stockwatch system a try,
click here for a free 30 day trial subscription. |
Top
Print this Page