GLG Sells Convertible Bonds To Pay Down Debt

May 19 2009 | 2:01am ET

GLG Partners yesterday announced that it sold US$214 million in convertible bonds as part of its effort to pay down its debt.

The London-based, New York-listed hedge fund used the proceeds to buy about US$285 million of outstanding loans. The firm had agreed to cut its debt and buy back loans as part of a deal with creditors to eliminate covenants in its credit agreements. One of those covenants, with Citigroup, would have been violated when GLG’s assets sank below US$15 billion this year.

GLG’s principals, Noam Gottseman, Pierre Lagrange and Emmanuel Roman, bought a combined US$30 million of the notes, GLG said in a statement.


In Depth

Q&A: Sancus Capital And The Disruption Of The CLO Market

Oct 5 2017 | 6:28pm ET

Traditional collateralized loan obligation (CLO) funds in the U.S. market can offer...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Finding Success as Alternatives Converge

Oct 9 2017 | 4:00pm ET

Rising interest among institutional investors over the past several years has led...

 

From the current issue of