Black Earth buys back SEK 60 million of 9.4% bonds due 2017

By Toni Weeks

San Luis Obispo, Calif., July 14 – Black Earth Farming Ltd. said it has completed its bond repurchase offer that was announced on Friday.

The company accepted orders on a first-come-first-served basis for SEK 60 million nominal amount of its SEK 750 million 9.4% series 3 bonds due 2017, which were issued in 2013.

The company had offered to buy back the bonds at 99% of par and said it would close the books when cumulative orders reached SEK 60 million.

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

Since the first quarter of 2014, the company said it has repurchased SEK 50 million of its bonds in the open market. After the closing of the SEK 60 million repurchase offer, the company currently owns SEK 235 million of its own bonds, the release added.

Holders contacted Simon Dobas at Pareto Securities AB at 46-8-402 50 00 or simon.dobas@paretosec.com.

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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