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Gant Development real estate on bond redemption

March 22, 2013
Polish large-cap stocks are trading down 0.84% to 2375 pts at 14:07 local time.

GANT DEVELOPMENT - Listed residential real estate developer Gant Development has commenced redemption of PLN 27 mln in corporate bonds maturing on March 29 and expects that it will succeed in buying them all back, owners' representative Grzegorz Antkowiak told reporters.

"The redemption process started yesterday, papers worth a few million zloty have been redeemed," Antkowiak said. "Everything indicates that we will repay the entire sum on time. We are in talks with bondholders to repay a small part and roll over the rest."

Gant's debt at end-2012 exceeded PLN 570 mln but could fall to around PLN 300 mln at the end of this year, Antkowiak also said.
  • Status
    redemption default
  • Country of risk
    Poland
  • Redemption (put/call option)
    *** (***)
  • Amount
    10,000,000 PLN
  • М/S&P/F
    — / — / —
Company — GANT DEVELOPMENT
  • Full name
    GANT DEVELOPMENT S.A.
  • Industry
    Construction and development