R.E.A. Holdings to sell up to €22 million of sterling notes

By Reshmi Basu

New York, Nov. 27 - R.E.A. Holdings plc, via its wholly owned subsidiary REA Finance BV, plans to sell up to €22 million of 9½% guaranteed sterling notes due 2015 and 2017, according to a statement filed by the company.

The initial tranche will be comprised of up to €15 million of sterling notes and will be placed at 98.33.

Proceeds from the proposed issue will be used for the repayment of debt or may be substituted for new drawings of local bank borrowings in Indonesia.

Additionally, Guy Butler Ltd. will manage the sale of the first tranche.

London-based R.E.A. Holdings is engaged in the cultivation of oil palms in the Indonesian province of East Kalimantan. The company is also involved in the production of crude palm oil.

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