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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Mirland Dev. | LSE:MLD | London | Ordinary Share | CY0100141015 | ORD USD0.01 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.25 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
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
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