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Real People Investment to redeem Nordic senior bonds with excess cash
Chicago, Sept. 2 – Real People Investment Holdings Ltd. will partially redeem two of its Nordic senior bonds with excess cash, as mandated by the terms and conditions of the notes, according to a press release.
The terms and conditions state that if the company has excess cash it must use the funds to repay senior unsecured loans and if repayments are made under the loans, then corresponding payments need to be made under the bonds.
Accordingly, Real People will redeem SEK 4,110,600.55 of the SEK bonds (ISIN: SE0005392560) on Sept. 30, based on a record date of Sept. 23.
All outstanding bonds will be partially prepaid, resulting in a reduction of the registered nominal amount of each bond of SEK 31,708. Because the registered nominal amount does not include capitalized interest, the repayment will appear to be made at 102.07813.
For the second series, Real People will redeem NOK 3,199,286.06 of its NOK bonds (ISIN: NO0010689342) on Sept. 30 for bondholders of record on Sept. 27.
The redemption will be a pro rata payment and the company will redeem a registered nominal amount of 3,126,572 of the bonds. Because the registered amount does not include capitalized interest, the redemption will appear to be made at 103.32568.
Because of the cash sweep payments, Real People has agreed with its lenders on its loan to a revised amortization schedule. It is expected that a similar revision will be made to the amortization schedule for its bonds.
Based in East London, South Africa, Real People provides financial services focusing on unsecured credit, affordable housing, assurance, educational products and cellular products for customers in South Africa, Uganda, Tanzania and Kenya.
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