On 19 October, PG Finance plc announced the early redemption of its outstanding 7% Secured bonds. As specified in the Offering Memorandum dated 28 November 2002, the Company has the option to redeem the said bonds in whole or in part prior to the maturity date on 20 December 2012. The Company can avail itself of this option on 20 December 2010, 20 December 2011 and 20 December 2012 by giving at least 60 days advance notice.
As such, the Board of Directors resolved to redeem the Bonds on the first Optional Redemption Date, i.e. 20 December 2010.
Bondholders as at close of trading on Tuesday 30 November 2010 (the last trading day) will be receiving 100% of their principal amount together with the yearly interest payable on the 20 December 2010.