San Leon’s plans to use funds from the placing of new shares to buy back the $173m of loan notes. The company said it would pay a dividend on its existing share capital and that this was expected to be about $1.3bn in 2016.
San Leon’s plans to use funds from the placing of new shares to buy back the $173m of loan notes. Toscafund, a majority shareholder in the firm with a 41% stake, holds the loan notes which will be sold to San Leon providing the placing completes.