Northfields International School out to raise Rs250million

Northfields International School Limited has just approved the issue of a third secured loan note of Rs250million. 

This Note Programme follows the first secured loan note of Rs120million issued by the company in 2011.

The corresponding funds were used to settle all bank finance and develop sports facilities including a swimming pool and the floodlighting of its playing fields. 

In 2016, Northfields raised a second asset backed security of Rs200m listed on the Stock Exchange of Mauritius. The additional Rs80m was reportedly used to build further classrooms, offices and boarding facility. 

“The proceeds of the current Note Issue will be used to refinance the existing note, acquire additional school land and buildings increasing the security to at least Rs450m,” the Board said in a note to shareholders and holders of existing debt instruments.

The Board of Northfields said it is working with its transaction Adviser to finalise the terms and conditions of the captioned Note and related documentation. 

“An application will be made to the Stock Exchange of Mauritius for the listing of the said Notes,” it said.