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Monday 01 August 2016 by FIIG Research

Company updates

CBL receives approval for the option to repay notes early

CBL Corporation Ltd (CBL) has received noteholder approval for the right to redeem all outstanding 8.25% April 2019 Notes on or before 30 November 2016 at a redemption price of $107 plus accrued interest.

The resolution was passed with 97% voting in favour. The company’s press release can be viewed here. External link - opens in a new window

We believe that the proposal is attractive, with a substantial premium offered to noteholders. The $107 offer represents a $4 premium above the $103 option on the first call date of 17 April 2017. Under the resolution, if exercised on the last date possible the return would be 11.63%, compared to 4.90% if redeemed at the first call date.

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