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New Issue: EM-focused Dekel issues €5 million seven-year bond
By Cady Vishniac
Detroit, Jan. 19 – EM-focused Dekel Agri-Vision plc has issued a first tranche of €5 million of seven-year bonds under a €15.2 million seven-year bond facility, according to a market notice.
A first tranche of the bond, totaling approximately €5 million, has been issued to regional institutions including banks, pension funds and insurance companies.
The bond includes an initial three-year capital repayment holiday during which it will be interest-only chargeable at 7¾% per annum. Thereafter, capital repayments will be €1.25 million per year during years four to seven.
Approximately €2.6 million of the proceeds will go toward replacing a short-term debt facility, with the remainder used to provide working capital for cashew processing in Tiebissou, Cote d’Ivoire, beginning in the second quarter of 2021.
Dekel may issue of more tranches of the bonds depending on its debt refinancing and expansion plans.
Dekel is a West African agribusiness producer with headquarters in London.
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