Dorchester Pacific offers to buy back NZDX-listed notes before due date at 92 cents apiece

Mon, 23 Jul 2012

By Jonathan Underhill July 23 (BusinessDesk) - Dorchester Pacific, which avoided failure in 2010 by convincing investors to accept a debt-for-equity swap, is offering to buy back its June 2013 notes early for 92 cents in the dollar after gaining a new funding line for the purpose. The offer price is higher than the notes last trade at 79.35 cents per $1 face amount. The company has $14.96 million of the notes outstanding, according to the NZX. “The June 2013 notes repayment obligation has been a significant obstacle in our way to securing ba...

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