News | Wednesday, 06 May 2009

Gasan bonds close within an hour from opening

Following the overwhelming demand for the €15,000,000, 6 per cent Bonds 2014 – 2016, the Board of Directors of Gasan Finance Company plc closed applications within an hour from opening on 27 April, 2009 and exercised the over-allotment option in full, thereby increasing the issue from €15,000,000 to €20,000,000. The Bond Allotment Policy was announced last Monday.
1,963 applications totaling €8,610,000 were received from bondholders of the 6.4 per cent Bonds 2008-2011, representing 78 per cent of the 6.4 per cent Bonds 2008-2011. These applications were allocated in full.
Applications at pre-placement stage, totaling €12,693,000, were scaled down to €8,000,000, which represents 40 per cent of the total issue including the over-allotment option of €5,000,000. Applications received were allotted 63.02 per cent of the value applied for.
A total of 1,897 applications for a total of €9,816,000, were received from the general public. Applications by Gasan Group employees were met in full whilst all other applications were allotted a minimum of €1,000 and 18.3 per cent of the balance applied for.
Interest on the Bonds will commence from 4 May 2009, whilst allotment letters and refunds of unallocated monies will be paid by Monday 11 May 2009.
The Board of Directors of Gasan Finance Company p.l.c. thanks the public, institutional investors, financial intermediaries and the banks for their strong and widespread support in making this fifth Bond Issue by Gasan Group a success.

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