24 Jul 2012

Buy back proposal by Dorchester Pacific

12:52 pm on 24 July 2012

Dorchester Pacific is planning to buy back $15 million worth of notes early to help it secure bank funding and allow it to make more loans.

The finance and insurance firm is proposing to buy the June 2013 notes at 92 cents each by no later than 12 September, which it says represents a premium of 15% - 22% over the market value in the past year.

The company says it has found new funding to repay it early.

Noteholders will consider the proposal at a special meeting on 14 August.