FINANCIAL services group Alexander Forbes has secured 100m pounds of offshore funds to finance its international expansion drive. The funds were raised through exchangeable bonds to be issued by Alexander Forbes UK plc. They will be listed on the Luxembourg Stock Exchange and have been fully subscribed by RFS Holdings, an associate company of Rembrandt Group Ltd. Alexander Forbes said the bonds would be used to repay 30m pounds in bank borrowings used for the recent acquisition of British financial services group Johnstone Douglas and for other planned UK buys. ”Our planned UK acquisitions include financial services businesses as well as the purchase of retail broking businesses on a selective basis,” CEO Graeme Kerrigan said. The bonds may be exchanged for 53.7m new Alexander Forbes shares – or about 14% of the company – or can be redeemed after five years, the firm said, adding that the bond issue was subject to shareholder and stock exchange approvals. – Reuters