Orexo AB Converts Convertible Bonds Subscribed for by Novo A/S
8/26/2013 10:18:32 AM
UPPSALA, Sweden--(BUSINESS WIRE)--Regulatory News: During the second quarter of 2010 Novo A/S subscribed for a convertible bond issue of MSEK 111 by Orexo AB. The bonds have a fixed rate coupon of 8 per cent per annum and a conversion price of SEK 47.50. When Orexo AB’s share price exceeds the conversion price by 50% during a certain period, Orexo AB has the right to convert the convertible bonds and accrued interest into shares. The conditions for conversion were met on August 23, 2013 and Orexo AB then resolved to exercise its right to convert. Pursuant to the conditions for the bonds, not only the principal is converted at the time of conversion, but also unpaid accrued interest.
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