Best Deal Properties cancels €48,000 in repurchased bonds

Best Deal Properties Holding plc purchased €48,000 in nominal value of its 4.75% secured bonds during July 2026, continuing its programme of acquiring bonds from the market.

The bonds, which have a redemption period between 2025 and 2027, will be cancelled following the transaction and cannot subsequently be reissued or resold.

Prospectus permits bond purchases

Section 6.12 of the company’s November 2022 securities note allows Best Deal Properties to purchase its bonds at any time, either through the market or by another arrangement and at any price.

Where a purchase is carried out through a tender offer, the opportunity must be made available equally to all bondholders.

The prospectus also requires every bond purchased by the issuer to be cancelled immediately. As a result, the latest acquisition permanently reduces the nominal value of the bonds remaining in circulation.

Repurchased bonds cannot be resold

The €48,000 in bonds acquired during July will not be held by the company for future resale.

Under the prospectus terms, repurchased bonds cannot be reissued or placed back into circulation. This distinguishes the transaction from an ordinary investment purchase and ensures that the company’s outstanding obligations under the bond issue are reduced.

Separate early-redemption option

The prospectus also gives Best Deal Properties the option to redeem all or part of the outstanding bonds before their final redemption date.

The company may exercise this right between 30 November 2025 and 29 November 2027, provided that bondholders receive at least 30 days’ notice. Any early redemption must be made at the bonds’ nominal value together with accrued interest.

This early-redemption mechanism is separate from market repurchases. In both cases, however, the affected bonds are cancelled and removed permanently from circulation.