January 23 (SeeNews) - Bulgarian battery manufacturer Monbat [BUL:MONB;BUL:5MBA] said its bondholders have approved a 60-day delay for its bond's second principal payment amounting to 8.4 million euro ($9.1 million), which was due on January 20.
The proposal was given the green light at a general meeting of bondholders held on January 22, Monbat said in a stock exchange filing on Monday.
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The delay was requested to allow Monbat sufficient time to absorb secured financing, which, combined with its own funds, will be used to fulfill the principal payment, constituting 30% of the overall bond placement, the battery maker said earlier.
Last January, Monbat pushed back the bond's first principal payment due to a delay in finalising a deal with UK battery cell technology company Britishvolt, the proceeds of which it planned to use to make the payment.
The bond, issued on January 20, 2018, has a maturity of seven years and bears a coupon based on six-month EURIBOR plus 3%, bourse data show. The current coupon rate stands at 6.867%, while the outstanding principal totals 14 million euro.
As of 0930 CET on Tuesday, shares in Monbat traded flat at 3.82 levs ($2.13/1.95 euro) on the Bulgarian Stock Exchange.
($ = 0.9183 euro)