Rank Group Aims to Refinance Debt
3 Dec 2003
UNITED KINGDOM – As reported by the Sky News: "Rank Group is aiming to raise £150 million (US$259.08 million) to refinance existing debt and cut the group's interest rate.
"The new debt is a convertible bond issue that converts into about 42m new shares or about 7% of Rank's existing equity.
"The owner of the Hard Rock Cafe chain and London casinos joins a stream of such bond issues that has come with a recovery in stock markets and volatility in share prices.
"…The firm said the new bonds, due in 2009, would be issued at par and were expected to pay interest of up to 4.25%, compared with the 7.25% payable on its existing deal…"