May 28 (SeeNews) - Bulgarian real estate investment trust Bulland Investments REIT [BSE:5BD] said that it is seeking the approval of its shareholders to issue a ten-year 10 million euro ($11.2 million) secured bond.
Bulland Investments REIT intends to use the bond proceeds to finance the acquisition of investment real estate properties, the company said on Monday in an invitation for a shareholders meeting.
The issue, comprising 10,000 bonds, will carry a fixed annual coupon of 4.75% with payments due semi-annually.
The placement will be considered successful if investors subscribe for at least 80% of the offered bonds.
The issue will be serviced by local brokerage Euro-finance.
Bulland Investments REIT intends to list the bonds on a regulated market within six months of the placement.
The company's shareholders will vote on the proposal at a general meeting scheduled for June 27.
($ = 0.8938 euro)