October 27 (SeeNews) - Bulgarian real estate investment trust (REIT) Balkan and Sea Properties [BUL:BSP] said that its board of directors decided to issue a nine-year 40 million lev ($23.7 million/20.4 million euro) bond.
The bonds have a floating rate based on the six-month Euribor plus 3.00% but not less than 2.80%, semi-annualy, the company said in a statement earlier this week.
The bond issue will help the REIT restructure the company's maturing liabilities, cover current liabilities and pay fees and obligations, the statement read.
As at 10:30 CET on Wednesday, shares in Balkan and Sea Properties REIT traded flat at a price of 19.40 levs on the floor of the Sofia bourse.
(1 euro = 1.95583 levs)