Sterling announced a rights issue and the conversion of a large proportion of its US$213.3 mm Bonds into Equity. Once the transactions have been completed, there will be 14.3 bn shares issued and the Company indebtedness associated with the bonds will be reduced from by US$173.3 mm from US$213.3 mm down to US$40.0 mm. The new shares will represent 97% of the enlarged capital.
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RECAPITALIZATION
Sterling announced a rights issue and the conversion of a large proportion of its US$213.3 mm Bonds into Equity. Once the transactions have been completed, there will be 14.3 bn shares issued and the Company indebtedness associated with the bonds will be reduced from by US$173.3 mm from US$213.3 mm down to US$40.0 mm. The new shares will represent 97% of the enlarged capital.