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Thursday, 17 April 2014

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Stobart Group rules out bond issue for now

Stobart Group has decided against issuing a bond to raise £25 million – although its board has not ruled out an offering in future.

The company said it decided not to proceed following the entry of larger bond issuers at higher coupon pricing.

Stobart chief financial officer Ben Whawell said: "We will keep under review the possibility of issuing a retail bond in the future, as we see it as a potential attractive funding option, but only when we feel the cost of the bond to the company, its attractiveness to investors and its liquidity characteristics are in the right alignment.”

The company wanted to raise the funds to finance further diversification. The £100 bonds were due to have given a 5.5 per cent return on face value, with capital repayable in 2018.

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