SOFIA (Bulgaria), November 22 (SeeNews) – Financial and insurance group Eurohold Bulgaria [BUL:4EH] said on Wednesday it has invited the holders of its 47 million euro ($55.2 million) medium-term notes issue due December 2021 to tender some or all of the securities they hold for purchase by the company.
“The rationale for the Invitation and the issue of the new notes is to manage the issuer's existing indebtedness, in particular, to extend the maturity profile and improve the pricing of its indebtedness,” Eurohold Bulgaria said in a filing to the Irish Stock Exchange.
Eurohold intends to cancel all notes it purchases pursuant to the invitation.
The notes, which carry an annual coupon of 8.0%, were issued under the company’s Euro Medium Term Note (EMTN) programme approved by the Irish central bank in November 2016.
The invitation begins on November 22 and will expire on November 28, unless extended, re-opened, amended or terminated.
The settlement date is expected to be on or about December 7.
Last month, Eurohold Bulgaria’s shareholders approved the issuance of between 40 million euro and 100 million euro worth of corporate notes, carrying an annual coupon of up to 8%.
Based on the outcome of the planned new note issue, Eurohold will decide whether to purchase the notes from the previous issue, offered to the company as a result of the invitation.
Eurohold Bulgaria's portfolio includes companies in the financial services, leasing, insurance and car sales sectors.
($ = 0.8508 euro)