ELARG Agricultural Land Opportunity Fund REIT announced that holders of 10 million euro 7% bond maturing August 3, 2010 have voted to extend the bond maturity for a further three year term.
The coupon during this additional term will be set at 8.5%. Detailed terms will be included in the amended Prospectus which will be finalized shortly.
"The successful restructuring of the bond in the challenging global refinancing environment underlines the strong support that ELARG enjoys from its stakeholders, Vesselin Danev, Executive Director at Agromanage AD, ELARG's Management Company, said.
ELARG's ability to support servicing and repayment of the bonds is a testament to the improving fundamentals of the Fund's business, its strong liquidity position and cash generation."