Gasan Finance Company plc announced on 27 April that its bond issue closed due to over-subscription shortly after the opening of the General Public offer.
The pre-placement which took place on Friday 24 April for a maximum of €8 million was over-subscribed by 1.6 times.
Gasan Finance again reported that there was also a strong response from the General Public and as a result it exercised its over allotment option of a further €5 million bringing the total bond issue to a total value of €20 million.
Gasan Finance is expected to announce its allocation policy in the coming days and subsequent forward refunds of any unallocated monies. In the meantime the company announced last week that the existing 6.4% bonds will be redeemed on 31 May 2009.