Pendergardens Developments plc - Redemption of Bonds

On 14 April 2020, Pendergardens Developments plc announced that it will be redeeming the 5.5% secured bonds by 31 May 2020 as it has sufficient funds in the sinking fund in order to effect the relative redemption.

With respect to the 6% secured bonds maturing in July 2022, Pendergardens Developments explained that it is still early at this stage to say if, and to what extent, the ‘COVID-19’ crisis will have an effect on its ability to redeem the bond. Nonetheless, the company expressed its confidence that it will be in a position to pay interest and capital to redeem this bond from a mix of sources of funds specifically from the promise of sale agreements that have been concluded, and if necessary through the raising of funds from the capital market or through bank finance. Moreover, Pendergardens Developments noted that it has significant assets at its disposal in the form of commercial and residential immovable properties which should enable it to meet any and all of its obligations to third parties as and when these become due.