FirstFarms offers extension option to convertible bondholders

By Marisa Wong

Los Angeles, April 23 – FirstFarms A/S said it is offering a prolongation of its convertible bonds issued in 2015.

The company is offering to extend the convertible bonds by one or three years, and the extension will be from expiration of the existing bonds on Dec. 15, 2020. The option will be valid until May 12, according to a press release.

If the extension option is not exercised, the bond can be converted now or with effect from Oct. 1 or, alternatively, be repaid at the original maturity date.

FirstFarms said it will forward a letter directly to the individual bondholders with an offer for prolongation.

The company said the purpose of this offer is to strengthen its cash resources.

Based in Billund, Denmark, FirstFarms invests in Eastern European farms.

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