April 5 (SeeNews) - Bulgaria’s Financial Supervision Commission (FSC) said it approved a prospectus for admission to trading of a 1 million euro ($1.1 million) three-year bond issued by local investment company TIZ Invest.
The regulator has entered the bond into the register of public companies and other issuers of securities, the FSC said in its decision published on Thursday.
TIZ Invest issued last September 1,000 ordinary, secured, convertible bonds with a nominal value of 1,000 euro each. The bonds have a floating annual coupon based on six-month EURIBOR plus 5%, but not less than 7% in total. Coupon payments are due semi-annually, while the principal will be paid back in one go at maturity, on September 21, 2026.
Each bond can be converted into 170 ordinary shares of TIZ Invest at a price of 11.50 levs ($6.38/5.88 euro) apiece, the regulator said.
TIZ Invest, formerly Black Sea Star, is active in the purchase and resale of goods, foreign trade, real estate deals and hospitality, among others, according to its website. It was acquired by local diversified group Puldin Holding for 10 million levs in December.
($ = 0.9215 euro)