January 17 (SeeNews) - Bulgarian battery manufacturer Monbat [BUL:MONB] said on Tuesday it will push back the first principal payment of its 28 million euro ($30.27 million) bond due to a delay in the finalisation of its deal with UK battery cell technology company Britishvolt.
Monbat intended to use the proceeds from the transaction to service the repayment but will now secure alternative funding, the company said in a bourse filing.
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The bond payment in the amount of 5.6 million euro will be made by January 31 instead of January 20, whereas the interest will be paid according to the repayment plan.
While the principal payment may be changed by a decision of the general meeting of bondholders, the company believes the payment delay will be shorter than the time required to convene such a meeting, Monbat added.
In May, Monbat announced that it agreed to dispose of its German-based lithium-ion subsidiary Monbat Holding to Britishvolt at an overall valuation of 36 million euro.
($ = 0.9249 euro)