Earlier today, Chrystal Capital confirmed the successful closing of a US$70m Convertible Bond for AIM listed Lonrho plc. The Bonds were placed through an accelerated bookbuild placement with institutional investors (outside the United States) by JV partner ISM Capital, acting as sole Bookrunner and Manager in connection with the Offering.
The net proceeds of the Offering will be used to allow the company and its subsidiaries to repay certain existing indebtedness, to fund general working capital and to accelerate growth in its operations.
Lonrho Plc is an expanding conglomerate that is rapidly growing a successful business throughout Africa. The Company is strategically focused on the development of business opportunities in infrastructure, transportation, support services and natural resources. Lonrho Plc is listed on the London AIM stock exchange (LONR).
David Lenigas, Executive Chairman of Lonrho commented:
“It is gratifying that so many of our existing institutional shareholders have taken part in the offer. Likewise, I believe it is positive that some very large new institutional investors that were not previously on the Lonrho register have subscribed, demonstrating the growing interest in investing in the emerging African market.”