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.

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