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Post by kazamx on Aug 7, 2018 17:57:42 GMT
Exchange of Cabot Financial (CABOT1)
Dear
You have received £xx.xx in interest and £xx.xx in consent fees. Your 8.375% Aug 2020 Notes are also being exchanged into 7.5% Oct 2023 Notes with an additional 1% in principal.
On 5 July 2018 Cabot Financial invited existing bond holders of its £100,000,000 8.375% Senior Secured to exchange for new 7.5% Senior Secured Notes due 2023.
To compensate holders for the exchange you are receiving:
i) a consent fee of 4.188%
ii) an extra 1% of principal in new 7.5% Senior Secured Notes
iii) an interest payment of around 1.63%, instead of a 6 month coupon of 4.1875%. Interest received today is calculated as the accrued interest on the 2020 notes up until 18 July 2018, minus the accrued interest that is due on the 2023 notes. The 2023 notes are expected to pay a full coupon of an additional 3.75% on 1 Oct 2018.
Thank you,
The WiseAlpha Team
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Greenwood2
Member of DD Central
Posts: 4,216
Likes: 2,669
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Post by Greenwood2 on Aug 7, 2018 19:41:48 GMT
Is that good or bad? Sounds sort of Good/OK, but a bit complicated. Actual numbers would help.
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