Stobart Group issues bonds worth £57.3 million to support growth plans

Stobart Group has launched an offering through its wholly owned subsidiary Stobart Finance of up to £57.3 million of secured guaranteed exchangeable bonds, which the company says is intended to support its growth plans. The bonds will have a five year maturity and will be unconditionally and irrevocably guaranteed by the company. They will also be exchangeable into ordinary shares of 1 penny each in the capital of Eddie Stobart Logistics. The bonds were offered via an accelerated book-building process through a private placement to institutional investors outside the US, Canada, Australia, South Africa and Japan. Chief executive Warwick Brady