Gasan Finance Company will notify holders of the 6.5 per cent 2006-2009 bond issue that these bonds will be redeemed on July 21, the company said yesterday.
The nominal value of the bonds will be repaid together with interest covering the period April 1, the date following the last interest payment, to July 21, the Redemption Date.
Joseph A. Gasan, chairman of Gasan Finance Company plc and of Gasan Group Ltd, said that these bonds, which were issued to the public in April 1999, could have been redeemed at any time between April 30, 2006 and April 30, 2009.
He added that the board of directors, having considered a number of factors, decided to redeem now and not to replace these bonds by another public issue.
The redemption will be financed partially from internal funds and from new financing arrangements.
Mr Gasan thanked the thousands of private and institutional investors who have given support to the Gasan Group of Companies.