Venn Partners’ PRS unit to redeem £22.95 million of 1.75% bonds

By Sarah Lizee

Olympia, Wash., June 21 – Venn Partners LLP subsidiary PRS Finance plc plans to redeem £22,949,487.60 of its 1.75% guaranteed secured bonds due 2026, according to an announcement.

The partial redemption is the result of the issuer receiving an amount in prepayment of a loan equal to £21.32 million, which requires the issuer to redeem the bonds in part at the higher of an amount equal to the prepayment amount and a calculated amount plus accrued interest up to but excluding the July 2 redemption date.

The gross redemption yield is 0.688%, which was calculated on June 14.

The total payment in the redemption will be £22,989,028.09, which includes £39,540.49 of accrued interest.

The issuer has also elected to cancel £1,614,275.42 of its retained bonds.

Following the early redemption, the pool factor to be applied to the bonds will be about 0.96208, giving a total outstanding principal amount of bonds in issue of £581,935,724.58, of which £40,960,724.58 are retained bonds held by or on behalf of the issuer.

London-based Venn Partners is an investment manager focused on direct lending opportunities.

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