Black Earth offers to buy back SEK 60 million of 9.4% bonds due 2017

By Susanna Moon

Chicago, July 11 – Black Earth Farming Ltd. said it plans to repurchase up to SEK 60 million nominal amount of its SEK 750 million 9.4% series 3 bonds due 2017.

The company is offering to buy back the bonds at 99% of par through July 16.

Holders may contact Pareto Securities, Simon Dobas at +46-8-402 50 00 or simon.dobas@paretosec.com.

Orders will be treated on a first-come, first-serve basis, according to a company press release. If cumulative orders reach SEK 60 million, books will be closed, the release noted.

The repurchase offer is in line with the company’s efforts to reduce financing costs and is partly funded by the company’s recently announced land sales, the release added.

Since the first quarter of 2014, the company said it has repurchased SEK 50 million of its bonds in the open market. The company said it currently owns 175 million of its own bonds.

The bonds were issued 2013.

Black Earth engages in the acquisition, development and farming of agricultural land assets in the Black Earth region of Russia. It is based in St. Helier, the Channel Islands.

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