Bulgaria's ITF Group to issue 3.9 mln euro bond

The company will issue 3,900 ordinary, unsecured, non-convertible bonds at a price of 1,000 euro apiece, equal to their nominal value, ITF Group said in a bourse filing on Thursday.

The bonds will carry a fixed annual coupon rate of 13%, due semi-annually. Principal payments will be made in six instalments of 650,000 euro, alongside the last six coupon payments.

The bond issue will be considered successful if it attracts investment of at least 2.5 million euro. The proceeds will be used to expand the company's credit portfolio, ITF Group said.

The company has another bond issue [BUL:ITFA] with an outstanding principal of 3 million levs ($1.6 million/1.5 million euro), which will mature in 2026, Sofia bourse data show.

Shares in ITF Group last traded on Wednesday when they closed at 5.25 levs on the BEAM growth market of the Bulgarian Stock Exchange.

($ = 0.9321 euro)