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Frontline buys $17.8m of its own difficult bond
As the payback deadline approaches for a convertible bond Frontline may struggle to repay, the company has spent $17.8m on the notes.
Seatrade Maritime
October 7, 2014
1 Min Read
Kalyakan - stock.adobe.com
In its last earnings release the tanker owner warned that debt and lease obligations totalling $1bn made it unlikely that the company couple repay the $190m convertible bond with cash, and that a full restructuring could be its only option.
With the latest purchase Frontline now owns 23.5% of the 4.5% convertible bond, which has a maturity date of April 2015 and is worth a total of $225m.
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