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Spic rolls back FRN at 1.5% over Libor
Our Corporate Bureau
Chennai, Jan 17: Southern Petrochemical Industries Corporation Ltd (Spic), the Rs 2,000-crore AC Muthiah flagship company, on Wednesday said that it had successfully rolled back the $120 million (roughly Rs 80 crore) floating rate notes (FRN) due January 2003 for five years at a much lower interest rate. The noteholders, at the extraordinary general meeting held in London on Wednesday, have unanimously agreed to roll back the FRN, group chairman Mr AC Muthiah has said."The extraordinary resolution for the offer to exchange the current notes for new ones has been passed with 100 per cent votes in favour of the resolution," Mr Muthiah said in a statement in Chennai. Copyright © 2001 Indian Express Newspapers (Bombay) Ltd.
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