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Oct 31, 2017 13:11 EEST
SOFIA (Bulgaria), October 31 (SeeNews) – Bulgaria’s financial regulator said it has asked car battery manufacturer Monbat [BUL:5MB] to resolve inconsistencies detected in the company's prospectus for the issuance of corporate bonds.
The company has one month to provide additional information and documents related to the planned bond issuance, the Financial Supervision Commission said in a statement on Monday.
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The regulator provided no further details.
Earlier this month, Monbat said it has decided to issue seven-year corporate bonds worth up to 30 million euro ($35.4 million). The company intends to issue up to 30,000 bonds with a nominal value of 1,000 euro each, equal to their sale price.
The issue will bear an annual interest rate equal to floating rate of six-month EURIBOR plus allowance of 300 basis points, but not less than 3.0%, with coupon payments due semi-annually.
The bonds will be redeemed in three instalments of 20%, 30% and 50% of the nominal value of the issue at the end of the fifth, sixth and seventh year, respectively.
Monbat shares traded 0.01% higher at 11.0 levs as at 1210 CET on Tuesday.
($ = 0.8470 euro)
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