Eppley to redeem 2019 preference shares.
Eppley Limited will be making an early redemption Redeemable Preference Shares due 2019 in keeping with an early redemption option the notes carry.
The company gave notice of the redemption in a notice to investors and the Jamaica Stock Exchange.
The redemption will take effect on Wednesday, 31 January 2018, to be paid at the Agreed Rate (which is the higher of the market price as at close of business on the Jamaica Stock Exchange (JSE) on Monday, 23 October 2017, and the issue price plus 1 percent in keeping with the terms of Issue, at a redemption price of J$6.06. A total of 99,998,667 units are involved and carried an interest rate of 9.5 percent the total sum to be paid out will be $605.99 million. The redemption comes against the back ground of interest rates falling local interest rates with Treasury bill rates now under 5 percent and heading lower.
