LARGE LOAN CONVERSION OPERATIONS.

Wanganui Chronicle, Volume XXIX, Issue 11125, 10 February 1886, Page 2

LARGE LOAN CONVERSION OPERATIONS.

♦ (PER UNITED PRESS ASSOCIATION.) Wellington, Feb. 9. The following telegram has been re" ceived by the Press Association : — Wain wera, February 9th. The terms will Ue' announced in London to-night of Very-' 1 large conversion operations in New Zealand loans. The following is an outline of the conditions offered with regard to the various loans:— For the 1876 cons solidated drawing loan, the option is given to holders to exchange for a five per ceut. bond having six years to run, and then converted into four per cent, inscribed stock, at 107 for cash hundred, or they may tako 106 inscribed stock for cash hundred immediately ; the conversion is onen to March 30th. For the five per cent. 1863 loan, the option is given to take a five per cent, debenture having six years to run, convertible then into 110 of insoribed stock, or to take at once 112£ of inscribed stock. For the fivs per oent. 10^0's, holders are offered 210 of inscribed stock. For the five per cent. 1870 loan, thoy are offered 105. For sundry six per cent, debentures, they are offered 109 of insoribed stook. For the _£ per cent. s*3o's, 101 id offered, as an alternative to being paid in cash. Excepting for this last, and for the consolidated, the options are to be declared by April 30th. The varied terms of courso depend upon the different rates of interest the converted bonds bear, and upon the currency of the debentures. In every case the terms are so fixed that the annual charge will be much less, inoluding protection being made for extinguishing the premium, Some of the debentures have a sinking fund of from one to two per cent. The conversions are being made by the Bank of England, instructed by the Loan Agenta. The terms havo been, the subject of much careful consideration, — Julius Yogel.