Bulgaria's Doverie United Holding raises 10.2 mln euro in bond sale

A total of 199,733 convertible bonds were subscribed and paid for between February 16 and March 26 out of 200,000 bonds offered, Doverie United Holding said in a stock exchange filing.

The bonds carry a floating annual coupon equal to six-month EURIBOR plus 2.00%, but not lower than 2.00% and not higher than 6.00%, the company said earlier. Coupon payments are due semi-annually, while the principal will be paid in one go at maturity.

The proceeds from the bond sale will go towards restructuring the group's debts, including providing liquidity for settling bank debt and other liabilities. In addition, the funds will be used to extend a loan to the holding's member Doverie-Invest, which controls Moldovan lender Moldindconbank.

The bonds can be converted at maturity, with each bond corresponding to ten shares in the company, at a conversion price of 10 levs each.

Shares in Doverie last traded on Thursday when they closed at 9.02 levs on the Bulgarian Stock Exchange, bourse data show.

(1 euro = 1.95583 levs)