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Chemeq’s new capital structure

LOCAL veterinary drug producer Chemeq has received notice from its investors Mizuho International, Stark Trading and Shepherd Investments, of their intention to secure their $40 million convertible bond debt in Chemeq. Following recent approval from Chemeq’s shareholders, the bondholders made the investment, with the possibility of up to a further $20 million through an underwriting commitment. It was previously announced, under the terms of their subscription agreement, that the bondholders had the right to register a fixed or floating charge, in favour of a trustee for bondholders over the assets of Chemeq. The company is currently in the process of commissioning its manufacturing facility.

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