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Nov 24, 2023 12:25 EEST
November 24 (SeeNews) - Bulgarian diversified group Doverie United Holding [BUL:DUH] has decided to issue a five-year bond worth up to 20 million levs ($11.1 million/10.2 million euro) by way of an initial public offering, it said on Friday.
The issue will comprise up to 200,000 unsecured, convertible bonds with a nominal value of 100 levs apiece, equal to their issue price, Doverie United Holding said in a bourse filing.
The bonds will have a floating annual coupon equal to the six-month EURIBOR plus 2.00%, but not lower than 2.00% and not higher than 6.00%. Coupon payments will be due semi-annually, while the principal will be paid back fully at maturity.
The issue will be considered successful if it attracts at least 10 million levs.
The funds raised from the offering will be used to restructure the group's debts, including providing liquidity for settling bank debt and other liabilities. Additionally, the proceeds will go towards extending a loan to the hoding'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, Doverie United Holding said.
As of 1109 CET on Friday, shares in Doverie traded 0.49% higher at 8.24 levs on the Bulgarian Stock Exchange.
(1 euro = 1.95583 levs)
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