Pulse Investments has repaid a $250-million bond, arranged by NCB Capital Markets, four years ahead of time.
Bond proceeds were first disbursed in December 2019 and had a five-year tenure. Repayment was effected at the end of the first year.
Pulse continued to post solid performances with both its earnings report for the first quarter, ended September 30, 2020, as well as appreciation in its stock price.
Pulse stock closed the year up 222 per cent from its 2019 year-end. The stock traded then at $1.50 (adjusted for the 4 for 1 stock split that took place in 2020) and closed 2020 at $4.83.
The $250-million bond was used to retire more expensive debt and to complete an extensive refurbishing of the Pulse operated property at Villa Ronai in Stony Hill. Some funds were also used to do preliminary work for the 30 unit Pulse Homes project, the first 15 of which are expected to be completed in 2022.