Developer looks to raise development cash and pay back debts through bond offer
Developer Helical Bar has announced it will make a 拢85m bond offering to raise cash to pay back its debts and fund new development.
In a statement to the City, the firm said the total value of the bonds, which will be issued by Helical Bar (Jersey) Limited, could rise to 拢100m.
It said the bonds would be convertible into shares in 2019, subject to a raft of conditions being met.
It said: 鈥淭he net proceeds of the bonds will be used, initially, to repay the group鈥檚 existing revolving credit facilities, which will remain available to redraw at a later date.
鈥淚n due course, the net proceeds will be used, if required, to provide funding for its development pipeline and, upon identifying suitable opportunities, to add to the group鈥檚 investment portfolio.鈥�
No comments yet