Farsons launches €15 million bond issue

Simonds Farsons Cisk plc yesterday issued €15 million worth of six per cent unsecured bonds. The bonds have a nominal value of €100 each and there is a minimum subscription amount of €1,100. They will be redeemed on June 15, 2020 or earlier, at the...

Simonds Farsons Cisk plc yesterday issued €15 million worth of six per cent unsecured bonds.

The bonds have a nominal value of €100 each and there is a minimum subscription amount of €1,100. They will be redeemed on June 15, 2020 or earlier, at the company's discretion, at any date after June 15, 2017.

Farsons also applied to the listing authority for the bonds to be admitted to the official list and to the Malta Stock Exchange. Trading in the bonds is expected to start fairly soon.

Company CEO Louis Farrugia said the proceeds would be used to finance a bond exchange programme for the Farsons 6.6 per cent bonds 2010-2012 due for redemption in November 2010.

It would also be used for the general financing requirements of the Farsons Group as it takes the next steps in its strategic development programme.

This will include the construction of a new brewhouse by 2012 as previously announced.

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