Conwert cash freed up after bonds converted

VIENNA Wed Oct 24, 2012 3:47am EDT

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VIENNA Oct 24 (Reuters) - Austrian property group conwert said some holders of a convertible bond due 2014 had exercised their conversion rights.

Investors with a nominal 53.2 million euros ($69 million)of the 1.50 percent convertible exercised options at 13.61 euros per share that fall due Nov. 12. That means 21 million euros of the bond remain outstanding.

"Because the price of the Conwert share is below the conversion price of 13.61 euros per share, conwert had taken steps to be in a position to repurchase the 2014 convertible bonds early," it said on Wednesday.

"Since not all ... of the holders of the 2014 convertible bonds have exercised their put option right, conwert will have more cash available after Nov. 12 than initially anticipated, which will further increase the company's flexibility," it said.

($1 = 0.7714 euro) (Reporting by Michael Shields; Editing by Dan Lalor)

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