Workspace redeems 6pc bonds ahead of 2019 maturity date

10th Sep 2018 11:19

(Sharecast News) - Workspace Group confirmed the redemption of its £57.5m 6% fixed rate bonds on Monday, ahead of their maturity in 2019.The FTSE 250 company said the redemption would be funded by drawing down on revolver facilities with a marginal interest cost of around 2%.It said the bonds were originally issued on 9 October 2012, with a maturity date of 9 October 2019.The redemption price of the bonds was calculated at 1100 BST on 6 September, based on the benchmark gilt at that time plus a 0.5% margin, in accordance with the terms and conditions of the bonds.Workspace said the aggregate redemption price of the bonds was around £60.43m, excluding any accrued interest, which represented a premium of £2.93m over the aggregate issue price of the bonds."Following the redemption, the listing of the bonds on the Official List of the Financial Conduct Authority and the admission of the bonds to trading on the Main Market of the London Stock Exchange will be cancelled on, or shortly after, 8 October," the Workspace board confirmed in its statement.