23rd Jun 2026 16:12
(Alliance News) - Dekel Agri-Vision PLC on Tuesday said it has completed the first tranche of its recently approved EUR13.3 million bond programme.
The West Africa-focused agricultural company said the first tranche, worth around EUR10.9 million, has been subscribed by a group of existing regional institutional investors, including banks, pension funds and insurance companies.
The company said the new bond has a six-year term and carries an annual interest rate of 9.5%, with an initial two-year grace period on principal repayments.
"The company believes the revised debt profile will better align future debt service obligations with the cash generation profile of the group and provide increased financial flexibility over the medium term," it said.
Dekel Agri-Vision said the proceeds of the first tranche will be used entirely to refinance 84% of the existing bond debt principal of EUR12.9 million.
The firm said it will continue to evaluate the issuance of additional tranches under the bond programme to refinance the remaining balance of around EUR2 million.
Dekel noted that it continues to "evaluate a range of corporate finance options" to enhance shareholder value.
"We are delighted to complete the first drawdown under our new bond programme, which represents another important step in strengthening the group's balance sheet and financial position," said Chief Executive Officer Youval Rasin.
"The refinancing of our existing bond debt extends our debt maturity profile and provides increased financial flexibility at an important time for the business."
Shares in Dekel Agri-Vision were down 6.5% at 0.35 pence on Tuesday afternoon in London.
By Michael Hennessey, Alliance News reporter
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