Dina Pays Bond Interest Within Grace Period
Mexican truck and bus manufacturer Consorcio G. Grupo Dina made the $6.5 million interest payment on its convertible bond just in time to avoid being penalized for tardiness.
The company will not be penalized for deferring its interest payment on the $164 million bond because it was allowed a 30-day grace period. That period expired Aug. 14.
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The Aug. 14 payment, deferred since July 17, is the semi-annual interest on its 8% subordinated convertible bonds due in 2004.
Payments from Dina’s trustee bank to banks throughout Mexico and the United States on behalf of individual bondholders were disseminated immediately, said company spokesman Mark D. Harrop of Manning, Selvage and Lee in New York.
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