Jockey Club Extends £25M Racecourse Bond, 96% Of Investors Retain Shares
The Jockey Club extended its £25M ($33.5M) racecourse bond, first issued in '13 to "help fund its major development at Cheltenham racecourse," according to Bill Wilson of the BBC. Its decision to offer a rollover on the bond issue has seen 96% of original investors choose to retain more than £23.6M ($31.6M) invested in the product. The bond provides quarterly cash interest payments at a rate of 4.75%. Another 3% return comes in the form of Rewards4Racing points, "which can be used on things like tickets and hospitality." The money raised by the original bond was used as capital toward "the state-of-the-art development of Cheltenham Racecourse," including the creation of the Princess Royal Stand. Earlier this year, the Jockey Club announced a record annual turnover of £191.5M in '16, "up 4.5% on a year earlier" (BBC, 12/6).