tender offer

Investors have already committed to tender almost S$604 million worth of convertible bonds, prompting the company to accelerate the offer and increase the size of its recent CB.

The proceeds will be used mainly to finance a tender offer for three of its outstanding convertible bonds – its second such offer in just four months.

The Singapore-listed developer fixes the tender price at 111.5% and then buys an additional S$160 million worth of convertible bonds in the open market to reduce its debt service obligations.

British travel company Thomas Cook accepts $150 million bid from Fairfax Financial for its Indian business.

The Indian maker of steel pipes is offering to buy back a portion of an outstanding CB that matures in 2014 and is currently trading below par.