Wärtsilä will repay on 2 May 2004 the two convertible subordinated debentures floated by the company in 1994 as required by the terms of the loans. When issued, the two convertible capital notes were each in the same amount and together totalled EUR 117.7 million. One is convertible into Series A and Series B shares, and the other into Series B shares. The note holders are entitled to convert their notes into company shares before repayment.
The loan principal with respect to the notes convertible into A and B shares totals EUR 7,588,639.24 which entitles note holders to convert for 315,840 Series A shares and 315,840 Series B shares. The loan principal with respect to the notes convertible into B shares totals EUR 19,886,540.42 which entitles holders of these notes to convert for 1,655,360 Series B shares. Full conversion of both notes would result in the conversion of altogether 315,840 A shares and 1,971,200 B shares.
Note holders will be informed about the repayment of the loan principal at the latest 30 days before repayment through an announcement published in the Helsingin Sanomat and Hufvudstadsbladet newspapers.