R.I. firm extends Greek-debt offer

PROVIDENCE – Japonica Partners & Co., a local investment firm trying to buy as much as 4 billion euros ($5.3 billion) of Greek-government debt, said it’s making a final, monthlong extension of its tender offer, Bloomberg News reported. More

To continue reading this article, please do one of the following.



investing

R.I. firm extends Greek-debt offer

Posted 9/9/13

PROVIDENCE – Japonica Partners & Co., a local investment firm trying to buy as much as 4 billion euros ($5.3 billion) of Greek-government debt, said it’s making a final, monthlong extension of its tender offer, Bloomberg News reported.

The offer now has a deadline of Sept. 30, according to a statement issued by the Providence company. Japonica first made its tender offer in June and has extended it twice since then. Xander Heijnen, a spokesman for Japonica, said there will be no further extensions.

Japonica in July announced it would pay a minimum purchase price of 40 percent of the bonds’ principal amount, saying the offer reflected a fair value for securities that are volatile and “highly illiquid.” The offer falls below the so-called strip of 45 percent, which is the average price investors are bidding for outstanding Greek-government debt, according to Athens-based Piraeus Bank SA.

Japonica said in the statement that it’s appropriate to apply a 15 percent to 20 percent discount to Greek debt given that buyers are limited. •

Calendar
PBN Hosted
Events

Applications are now being accepted for the 14th Annual Business Excellence Awards Program. Deadline to apply is October 1st. And save the date for the Awards Dinner - November 12th at the Providence Marriott.
Advertisement
Purchase Data
Book of Lists
Lists
Book of Lists cover
PBN's annual Book of Lists has been an essential resource for the local business community for almost 30 years. The Book of Lists features a wealth of company rankings from a variety of fields and industries, including banking, health care, real estate, law, hospitality, education, not-for-profits, technology and many more.
Data icons
Data can be purchased as single lists, in either Excel or PDF format; the entire database of the published book, in Excel format; or a printed copy of the Book of Lists.
  • Purchase an e-File of a single list
  •  
  • Purchase an e-File of the entire Book of Lists database
  •  
  • Purchase a printed copy of the Book of Lists
  •  
    National
    Local
    Latest News
    Advertisement