Viridian to pay €47m to buy back bond

Energy group will buy 9.3 per cent of senior secured notes due in 2017

The Viridian owned power stations at Huntstown, north Dublin.

The Viridian owned power stations at Huntstown, north Dublin.

 

CIARA O’BRIEN

All-island power and energy group Viridian is to spend €47 million (£40 million) buying back part of a bond due in 2017.

The company, which is an independent energy firm with annual revenues of about €2 billion, will use cash generated during the 2013 financial year.

Releasing details of the transaction, Viridian said the up to 9.3 per cent of the bond would be bought back with a redemption price of 103 per cent, and the buyback would take effect on June 4th.

“We are pleased to be in a position to use cash generated during the 2013 financial year to redeem £40 million of senior secured notes,” group chief executive Ian Thom said.

Viridian, along with its retail energy subsidiary Energia, has a 28 per cent share of the all-island business electricity and gas market. It currently supplies more than 65,000 business customers in Ireland and also powers all public street lighting in the State.