January 22 (SeeNews) - Bulgarian car battery manufacturer Monbat [BUL:5MB] said on Monday it has successfully issued 28 million euro ($34.3 million) worth of seven-year corporate bonds.
The issue carries a floating rate of 6M EURIBOR plus premium of 300 basis points, but not less than 3.00% on an annual basis, Monbat said in a statement.
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Interest payments are due twice per year.
The issue consists of 20,015 convertible bonds with a nominal value of 1,000 euro each.
Each bondholder may request the conversion of the bonds according to their current nominal amount at the conversion price on the 48th, 66th and 78th month after issuance.
The conversion price is equal to 90% of the weighted average price of a Monbat's share on the Bulgarian Stock Exchange for the six months preceding the respective conversion date.
The bond issue has a call option under which Monbat can redeem the residual outstanding part of the issue on the 60th month after issuance at 101% of the current outstanding principal amount.
($=0.8160 euro)