| Japan Corporate News Network |
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| eAccess Accepts Early Redemption of Convertible Bonds |
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Tokyo, June 11, 2009 (IRG) - eAccess Ltd. is expected to redeem about 20 billion yen (US$207.5 million) in convertible bonds this month, ahead of their maturity in June 2011, at the request of investors. The redemption will account for about 87 percent of the 23 billion yen (US$233 million) in convertible bonds that eAccess issued overseas in June 2004.
The yen-denominated bonds have a provision giving their holders the right to seek redemption at face value two years earlier than their maturity date. To redeem the bonds, the company plans to use a portion of the 57.9 billion yen (US$587 million) in cash reserves it held as of the end of March on a parent-only basis.
Copyright © 2010 JCN. All rights reserved. A division of Japan Corporate News Network KK.
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