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Evolution Credit to partially redeem Swedish krona-, Norwegian krone-denominated bonds
By Mary-Katherine Stinson
Lexington, Ky., Nov. 30 – Evolution Credit Ltd. will partially redeem its SEK 260 million senior callable bonds, issue 2013/2028 (ISIN: SE0005392560), and its NOK 135 million senior callable bonds, issue 2013/2028 (ISIN: NO0010689342), according to a news release.
In addition to scheduled amortizations, the company is obligated to apply excess cash to repay senior loans. Under the terms of the bonds, if repayments are made under senior loans, corresponding pro rata payments are to be made under the bonds. As a result, the company is making an increased partial redemption of the bonds.
The company will redeem SEK 7,710,941.11 of the krona bonds on Dec. 30.
The partial redemption of the krona bonds will be made as partial prepayments of all outstanding krona bonds by way of reducing the registered nominal amount of each bond by an amount of SEK 59,480. Due to the fact that the nominal amount does not include capitalized interest, the repayment will appear to be made at a price of 102.07813. The amount is rounded down to the nearest SEK 1.00 per bond.
The company will redeem NOK 6,001,394.99 of the krone bonds on Dec. 30.
The partial redemption of the krone bonds will be made through pro rata payments to the bondholders by redeeming krone bonds with a total registered nominal amount of NOK 5,864,994. Due to the fact that the outstanding nominal amount does not include capitalized interest, the repayment will appear to be made at a price of 102.32568. The amount is rounded down to effect a pro-rata repayment to the bondholders.
The financial services company is based in East London, South Africa.
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