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Evergreen Announces Refinancing
Evergreen Announces Refinancing
Evergreen Forests Limited announced today that it had obtained a ten-year, US$10 million loan from John Hancock Life Insurance Company. John Hancock is a major world-wide forestry lender located in Boston, Massachusetts, USA.
Evergreen's Chief Executive, Mr Mark Bogle, said that the loan proceeds are being used to repay vendor finance provided in connection with past forest acquisitions.
Mr Bogle said the ten year term provides long-term finance that is unavailable from local lending institutions. The loan carries a fixed interest rate of 6.88% and the company had hedged the exchange rate for the loan in January at 54.20 cents.
Evergreen is also pleased to note there has been
continuing conversion of its 2009 zero coupon convertible
notes into ordinary shares. In February 2003, 2.3 million
notes converted into 5 million shares. Mr Bogle said that
early conversion of notes further strengthens the balance
sheet and reduces future value dilution.
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