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CLS Holdings to redeem £65M of bonds early

London-based investment property group CLS Holdings PLC expects to redeem £65 million of 5.50% senior unsecured bonds due 2019 by the end of July at a cost of about £68.7 million.

The cost would exceed the par value of the bonds by £3.7 million, which is £1.3 million less than the interest that would have otherwise been payable until redemption.

The company will fund the redemption with existing liquid resources, according to a release.

Following redemption, the bonds will be canceled, leaving no outstanding bonds. Their listing on the Official List of the UK Listing Authority and trading on the regulated market of the London Stock Exchange will also be canceled.