Mirland Development Corporation PLC Bonds Update (5965B)
January 08 2015 - 02:00AM
UK Regulatory
TIDMMLD
RNS Number : 5965B
Mirland Development Corporation PLC
08 January 2015
8 January 2015
MirLand Development Corporation plc
("MirLand" or the "Company")
Bonds update
Further to the Company's announcement of 19 December 2014,
following the downgrading of the Company's rating by the rating
agencies 'Midroog' (a subsidiary of Moody's Investor Services) and
'Maalot S & P' (a subsidiary of Standard & Poor's Rating
Services), the Company announces a change in its interest rates on
bonds as follows:
Interest of Bonds
As of 18 December 2014, the annual interest rate on the
remaining principal of the Company's Series C and D bonds will
increase by 0.5% per annum, which is the maximum increase under the
original bond terms. The annual interest rate of the remaining
principal of the Company's Series E and F Bonds will increase by 1%
per annum, which is the maximum increase under the original bond
terms. In the event of an upgrade to the Company's rating, the
interest rates will be updated accordingly.
Meetings of Bond Holders
At meetings of the Series A and B bondholders it was decided
that the repayment of the principal and interest to the holders of
series A and B bonds set for 31 December 2014 will be temporarily
postponed until 1 February 2015 in order to allow the parties to
maintain a constructive dialogue.
Such period may be extended with the consent of the bondholders'
trustees and/or by resolution of the bondholders. The Company also
agreed to transfer US$11 million into a trust account, which it
completed on 6 January 2015 and commenced an immediate and
intensive dialogue with the bondholders' trustees.
A further announcement will be made in due course.
MirLand Development Corporation +7 495 787 49
plc 62
Roman Rozental +7 499 130 31
roman@mirland-development.com 09
FTI Consulting
Dido Laurimore / Nick Taylor/Ellie
Sweeney +44 20 3727 1000
Investec Bank plc
Jeremy Ellis / David Anderson +44 20 7597 4000
This information is provided by RNS
The company news service from the London Stock Exchange
END
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