MAURITIUS: Omnicane to sell bonds worth US$16 million
Published: 07/20/2012, 1:30:05 PM
Mauritius's leading sugar producer Omnicane will sell bonds worth MUR500 million (US$16 million) on the stock market, part of a plan to raise funds for its growth strategy, according to Reuters.
The amount raised will be partly used for refinancing existing borrowings and is the first tranche a total MUR3 billion it eventually plans to raise through multi-currency medium-term bonds.
It said the bonds on offer in the first tranche would be secured fixed-rate notes and would have a tenor of five years.
The pricing for each tranche would be determined by way of auction.
Funds raised through the tranches would be used to finance growth at home and in the wider African continent, in the sugar and renewable energy businesses, Omnicane said.
It said Standard Bank Mauritius had been appointed as mandated lead arranger.