March 8 (SeeNews) - Bulgarian steel wheel manufacturer Balkancar Zarya [BUL:BZR] said that its bondholders rejected a proposal to reduce the coupon rate of a 5.5 million euro ($5.87 million) bond.
Balkancar Zarya planned to cut the bond's coupon rate to 3.5% for the five semi-annual coupon payments due from March 22, 2023, to March 22, 2025, and then make it equal to the three-month Euribor plus 3% but not lower than 6.25% for the following payments, the company said in a bourse filing on Tuesday.
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The proposal was turned down at a meeting of bondholders held on March 6.
Balkancar Zarya's bondholders previously approved a coupon rate of 3.5% from March 22, 2021, to March 22, 2023, and a rate equal to three-month Euribor plus 3% but no less than 6.25% for the subsequent payments.
The bond was issued in 2007 with an original coupon rate of 7.25% and will mature on September 22, 2027.
($ = 0.9376 euro)