New Zealand boosts defence spend to US$6.6 billion and vows increased closeness with Australia
This budget will be spent over the next four years and nearly doubles the country’s defence spending as part of GDP to 2%.
Pinnacle repays remaining 3.25% Senior Convertible Notes due 2025
Pinnacle Airlines Corporation (PNCL) has announced that substantially all of the holders of its remaining $31 million par amount of 3.25% Senior Convertible Notes due 2025 elected to require the Corporation to repurchase the Notes at the par amount plus accrued interest.
Holders of the Notes had an option to require PNCL to purchase the Notes on 15 February 2010 by giving notice on or prior to 12 February.
Because 15 February 2010 was a banking holiday, PNCL will repurchase substantially all of the Notes on 16 February 2010. After repayment of the Notes, PNCL's balance of unrestricted cash and cash equivalents well exceeds the minimum liquidity requirements contained in some of its financing obligations, and PNCL remains in full compliance with all of its existing debt obligations.
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