Rcl’s Foodcorp To Buy Back $488m Of Ties
logo_200x197.png A device of RCL Meals, a local food company thats the greatest producer of poultry, is getting back its euro-denominated bonds in a deal that'll be funded by local debt. Foodcorp, which owns brands such as for instance Sunbake breads and Nola mayonnaise, will get the exceptional 351 million pounds ($488 million) on its 8.75 percent bonds due in March 2018, Durban-based RCL said in a statement today. Foodcorp will probably pay slots practically 1.1 times the face value of unpaid interest and the debt, it said. The payoff is going to be financed via a locally sourced South African rand debt package, RCL stated in the statement. Foodcorp is because the rand weakens against developed nations values redeeming its foreign debt. The rand has decreased 4.8 percent from the euro this year, increasing losses considering that the start of 2013 to 26 percent. 2014 Bloomberg News <br /><br />For Your original edition including any supplementary photographs or movie, visit [ http://www.moneyweb.co.za/moneyweb-industrials/rcls-foodcorp-to-get-back-488m-of-bonds]
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