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Medine to raise Rs1billion to finance redemption of previous notes

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Medine to raise Rs1billion to finance redemption of previous notes

Medine Limited has decided to issue 1 million new notes for an aggregate amount of Rs1 billion by way of a preferential offer in order to partly finance the redemption of the notes issued under Tranche 01-FRNMUR5Y.

The issuance of the new notes will be subject to the  regulatory approval and the approval of the noteholders.

In a communique published on the Stock Exchange of Mauritius’ website, Medine said the Existing Noteholders’ approval will also be sought for the granting of a new floating charge over the assets of the Company to secure the New Notes, and in connection to the Early Redemption, to reduce the secured obligations amount.

Medine Limited in 2009 is a diversified group with four pillars of activity, namely Agriculture, Education, Leisure and Property. 

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The information and opinions expressed in our published works are those of authors/sources believed to be reliable. NewsMoris makes no representations as to accuracy, completeness, suitability, or validity of any information expressed.