April 3 (SeeNews) - Bulgarian battery manufacturer Monbat [BUL:MONB;BUL:5MBA] said on Wednesday that it will make on April 5 the delayed second principal payment on its 2025 bond in the amount of 8.4 million euro ($9 million).
The company transferred the sum to the Central Depository on April 3, it said in a bourse filing. Bondholders registered with the Central Depository by January 17 will be eligible for receiving the principal payment.
You can download the 2024 Automotive industry in Southeast Europe report here
In January, Monbat's bondholders approved a 60-day delay for the bond's second principal payment, which was originally due on January 20. The delay was requested to allow Monbat sufficient time to absorb secured financing, which, combined with its own funds, would be used to make the principal payment, constituting 30% of the overall bond placement, the battery maker said earlier. The company then said in March that it expected to make the payment by April 15 due to a delay in the absorption of the agreed loan, according to a separate statement.
Last January, Monbat pushed back the bond's first principal payment due to a delay in finalising a deal with UK battery cell technology company Britishvolt, the proceeds of which it planned to use to make the payment.
The bond, issued on January 20, 2018, has a maturity of seven years and a coupon based on six-month EURIBOR plus 3%, bourse data show. The current coupon rate amounts to 6.867%, while the outstanding principal totals 22.4 million euro.
As of 1445 CET on Wednesday, shares in Monbat traded 2.50% higher at 3.28 levs ($1.80/1.68 euro) on the Bulgarian Stock Exchange.
($ = 0.9303 euro)