SanomaWSOY redeemed convertible capital notes
SanomaWSOY Corporation has redeemed upon an offer 5 notes, nominal value EUR 10,000 each, of its convertible capital notes issued in 2001. The amount of the capital note will be reduced according to the paid back amount and thereto-related debentures will be invalidated. The company's financial position has improved considerably after the issue of the notes and the notes can be refinanced on significantly better terms.
In total, SanomaWSOY has redeemed 3,820 notes, of which 3,620 notes redeemed in 2003 were invalidated on 27 February 2004. In April and July, 2004 redeemed 195 notes will be invalidated on 27 August 2004. The company practice has been to invalidate the redeemed notes in every six months.
Trading in the notes began on the Helsinki Exchanges on 6 September 2001. None of the notes, the conversion period of which began on 2 January 2002, has been converted into shares. The imputed conversion price of a share is EUR 15.91. A fixed annual interest of 5.25% is payable on the notes. When issued in 2001, the loan totalled EUR 200 million.