| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers E > Headlines for Evolution Credit Ltd. > News item |
Evolution Credit calls two series of krona-, krone-denominated bonds
By Marisa Wong
Los Angeles, March 3 – South Africa’s Evolution Credit Ltd. announced the full redemption of two series of senior bonds due 2028.
The company will redeem on March 31 its krona-denominated bonds due 2028 (ISIN: SE0005392560) in a total amount of SEK 4,828,024.02 and its krone-denominated bonds due 2028 (ISIN: NO0010689342) in a total amount of NOK 3,756,665.29.
The redemption of the krona bonds will be made as a redemption of all outstanding krona bonds reducing the registered nominal amount of each bond from an amount of SEK 37,242.00 to SEK 0.00. Due to the fact that the nominal amount registered does not include capitalized interest, the repayment will appear to be made at a price of 102.07813% of the amount by which the registered nominal amount will be reduced as a result of the redemption. The redemption will be made together with accrued interest.
The redemption of the krone bonds will be made by pro rata payments to the bondholders through redeeming the outstanding krone bonds totaling a registered nominal amount of NOK 3,671,283.00. Due to the fact that the outstanding nominal amount registered does not include capitalized interest, the settlement will appear to be made at a price of 102.32568% of the amount by which the registered nominal amount will be reduced as a result of the redemption. The redemption will be made together with accrued interest. The amount is rounded down to effect a pro-rata settlement to the bondholders.
The company explained that it is obligated to apply excess cash to repay its senior loans. If repayments are made under the senior loans, corresponding pro rata payments are to be made under the bonds. Because the company’s senior loans will be repaid in full, the company is making an early redemption in full of the Nordic senior bonds.
The bonds will be delisted on March 20.
The financial services company is based in Johannesburg.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.