CBL Corporation Ltd (CBL) has given noteholders notice to redeem all of its outstanding 8.25% April 2019 bond on 31 October 2016, at a premium redemption price of $107 plus accrued interest
International credit and financial risk insurer CBL Corporation Ltd (CBL) confirmed it has given noteholders notice to redeem all A$55m of its 8.25% April 2019 bond on 31 October 2016. An announcement from CBL advised it is drawing down an approved debt facility from ANZ to make this early redemption.
We believe that the early repayment is attractive, with a substantial premium offered to noteholders. The redemption offer sits at $107 plus accrued interest, $4 above the $103 price on first call date of 17 April 2017.
A press release from CBL can be viewed here.