Novae issues £100m debt
Novae Group has issued £100 million of medium term subordinated debt in the form of fixed/floating rate subordinated notes due 2017. The notes qualify as lower tier two regulatory capital.
Novae intends to use the proceeds of the issue to refinance its existing £20 million bank letter of credit facility, its £50 million December 2008 convertible bond and its Dekania loan notes.
The
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