Ramish and Leela
Friday, 28 October 2016 15:00

EFCL Calls Emergency Meeting To Discuss Defaulting On $400M Bond

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The Education Facilities Company Limited (EFCL) is warning that it will default on a $400 million bond, due to mature on Monday.

In a newspaper advertisement, the State-owned company called an emergency meeting of bondholders for November 21st to address its inability to make the payment.

The bondholders will also be asked to defer the repayment of their Principal and accrued interest to April 30th, 2017 - six months after the maturity date of October 30th, 2016.

The seven-year fixed-rate bond with an interest rate of 5.35%, which was issued on October 30th, 2009, is guaranteed by the government and has the Central Bank as the sole agent for the raising and management of the bond.

The Unit Trust Corporation serves as the Trustee of the bond.

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