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Annington to pay cash, in-kind interest on 13% notes, ups par amount
By Susanna Moon
Chicago, June 26 – Annington Finance No. 5 plc said it again elected to pay interest in cash and in kind on its £550 million 13% senior pay-in-kind notes due 2023.
For the period from Jan. 15 to July 15, the total interest due is £44,005,000 and, of that amount, £5,005,000 will be paid in cash and £39 million will be paid in kind, according to a company notice.
This lifts the principal amount of the notes to £716 million, up from £677 million.
As previously announced, the company issued an upsized £550 million issue of the PIK notes at par on Dec. 4, 2012.
Annington is a London-based company that refurbishes and sells former Ministry of Defense homes.
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