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LONDON - RCB Bonds PLC announced Friday that Belong Limited will purchase £27,996,600 of its outstanding £50,000,000 4.5 per cent bonds due June 2026, following a tender offer that closed on June 23.
The tender offer, which was initially announced on June 2, attracted valid tender instructions for £39,519,300 in bonds. While Belong had set a maximum acceptance amount of £25 million, the company opted to increase its final acceptance to nearly £28 million due to strong bondholder response.
Of the accepted amount, £20,937,500 represents Priority Bonds, while £7,059,100 consists of Tender Only Bonds. The company applied a pro-ration factor of 38 percent to the Tender Only Bonds.
Following the settlement, which is expected on July 8 subject to the satisfaction of the New Financing Condition, £22,003,400 of the bonds will remain outstanding. Belong will also pay accrued interest on the purchased bonds.
The tender offer was made to bondholders of RCB Bonds PLC’s securities bearing ISIN: XS1821505259, which are secured on a loan to Belong Limited.
Allia C&C Ltd acted as dealer manager for the transaction, while Kroll Issuer Services Limited served as the tender agent.
This article is based on a press release statement from RCB Bonds PLC.
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