San Leon ’s plans to use proceeds from the sale of new bonds to buy back the $ 173 m of loan notes . Toscafund , a majority shareholder in the company with a 41 % stake , holds the loan notes which will be sold to investors without providing the placing funds .
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.