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R.E.A. Trading wants to extend notes three years for 4% coupon bump
Chicago, Sept. 5 – R.E.A. Trading plc is asking noteholders to extend the maturity date of the 9½% notes due June 30, 2024 (ISIN: GB00BKPG0682), according to multiple notices.
In return for the extension, the coupon will increase to 13½% starting Oct. 1.
An extraordinary resolution will be proposed at a noteholder meeting on Sept. 28 in London.
Guy Butler Ltd. may be contacted with questions (+44 20 8828 2200, enquiries@guybutler.co.uk).
Further, the company is offering to repurchase up to €500,000 of the notes on Oct. 24, if the extraordinary resolution is passed.
Potentially, the repurchase would be pro rata at a price of £1.035 per £1 note.
The group is developing a new abaca plantation on the island of Seram in Indonesia. There have been delays related to difficulty in clearing land and finalizing land compensation agreements. The project will likely require an additional two years before becoming cash positive, even though many of the challenges have now been overcome.
The issuer is a London-based investment holding company engaged in the cultivation of sisal in Kenya and Tanzania and is a merchant of natural fibers in London.
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