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[Sep 2005]
SGL Carbon Redeems Convertible Bond and Reduces US$ Credit
On 19 September 2005, SGL Carbon AG (Wiesbaden, Germany) said it had repaid to investors the outstanding 37% of the convertible bond that matured on that date. The bond had originally been issued in September 2000. Between the end of February and early April 2004, SGL Carbon redeemed 63% of the convertible bond on the basis of a voluntary redemption offer.
Within the framework of the refinancing measures at the beginning of 2004, the company had deposited the funds required to redeem the convertible bond in a cash escrow account.
SGL Carbon was additionally able to reduce its US credit facility from US$112 million to US$80 million in early September. The company's main banks acquired this credit from the over 70 US financial investors with whom it had previously been placed. This step further underscores the progress being made in the reduction of its debt, said the company.
Both measures serve to strengthen the equity ratio of SGL Carbon in the third quarter (assuming unchanged exchange rates from the date for the first half-year's financial figures, 30 June 2005).
www.sglcarbon.de
ENDS