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Dec 10, 2007 12:19 EEST
SOFIA (Bulgaria), December 10 (SeeNews) – Bulgarian sports goods trader Sport Depot has issued a three-year 1.5 million euro ($2.2 million) bond to back network expansion, a company official said on Monday.
The bond’s issue price is equal to its nominal value of 1.5 million euro, Sport Depot's financial director Boriana Slavova told SeeNews. She added the bond issue, the company’s first, carries an annual coupon of three-month EURIBOR plus 3.45% with payments due every three months.
The company has issued 1,500 bonds dated November 29.
“[The proceeds will be used] mainly for development of the store network and new products,” Slavova said. She said Sport Depot plans to contract franchisees in most of the country’s largest cities, but declined to elaborate on the company’s plans.
Sport Depot (www.sportdepot.bg), which sells Kettler and Lotto sports goods among others, has stores in 10 Bulgarian cities including the capital Sofia, the country’s second largest city of Plovdiv and the Black Sea coastal city of Varna.
($ = 0.6822 euro)
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