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Annington to pay interest in cash, in kind on 13% notes, lifting par amount to £677 million
By Susanna Moon
Chicago, Dec. 19 – Annington Finance No. 5 plc said it elected to pay interest in cash and in kind on its £550 million 13% 10-year senior pay-in-kind notes for July 15 to Jan. 15.
Interest of £41,405,000 is due during that period, with £1,405,000 to be paid in cash and £40 million to be paid in kind, according to a company notice.
After settlement, the principal amount of the notes will be £677 million, up from the current amount of £637 million.
The company issued an upsized £550 million issue of the PIK notes at par on Dec. 4, 2012.
Annington is a London-based company that refurbishes and sells former Ministry of Defense homes.
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