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.