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Payce annouce resolution to redeem remaining bonds

Categories: Bonds

Payce have announced a proposed resolution to redeem the remaining $12.03 million Payce 9.50% 2018 notes outstanding. The outcome will be dependent on a vote by noteholders. If passed the notes will be redeemed by 108.50% of the outstanding principle of each note and all accrued interest to the 31 March 2016.

If successful, the notes will be redeemed on the next interest payment date (31 March 2016) and the interest scheduled for this date will not be paid out to noteholders. This will result in a redemption price of $107.77 and will encourage existing noteholders to vote for this outcome.