Sun of Mauritius Plans to Begin Bond Program Within Three Weeks
- Company plans to issue 60% of multi-currency program in euros
- Hotel group aims to reduce gearing ratio to 40% by 2019
This article is for subscribers only.
Sun Ltd., the third-biggest hotel group by market value in Mauritius, plans to issue as much as 60 percent of its 3 billion-rupee bond program ($84.8 million) in euros.
The multi-currency program on the Stock Exchange of Mauritius will begin within three weeks and help the company reduce its 9.3 billion-rupee debt, Anderson said in an interview Wednesday at his office near the capital, Port Louis. The chain aims to cut its gearing ratio, the amount of borrowed funds to equity, to 40 percent by 2019, from 53 percent currently.