Westminster Group PLC (LON:WSG), the global supplier of managed services and technology-based security solutions, has reduced its financing costs by redeeming some loan notes.
The company has redeemed £561,250 worth of its convertible secured loan notes (CSLNs), as foreshadowed in its announcement of 23 January.
The loan notes carry a coupon of 15%.
READ Westminster Group enters flexible financing agreement as it seeks early redemption of loan notes
The redemption marks the end of the first stage of redemption programme, with 25% of the CSLNs previously in issue now redeemed.
Westminster intends to continue with its staged redemption programme, which is planned to be completed in advance of the CSLN maturity date of 30 June 2020.