English to Polish Bus/Financial Economics

Termin z prospektu emisyjnego obligacji. "Equity Clawback: Up to 35% prior to September 30, 2018"

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Equity clawbacks
Equity clawbacks allow the issuer to refinance a certain amount of the outstanding bonds with proceeds from an equity offering, whether initial or follow-on offerings. A typical clawback would be for up to 35% of the outstanding bond issue for three years at a level equal to par, plus the coupon. Some clawbacks have come at 15%, others as high as 40%, and in rare cases the timeframe is not just three years. An example for the most typical variety: Company A raises money via an IPO and exercises a clawback for a portion of its 10% bonds at a repurchase price of 110% of par. This is an optional redemption for the issuer and, while the investor has no say or obligation, the repayment premium is tough to disregard.