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Nov 07, 2017 16:22 EEST
SOFIA (Bulgaria), November 7 (SeeNews) – Bulgarian car battery manufacturer Monbat [BUL:5MB] said on Tuesday that its board of directors has approved the company's revised prospectus for the issuance of corporate bonds.
Bulgaria’s financial regulator asked Monbat last month to resolve inconsistencies detected in the company's bond issue prospectus. The regulator gave the company one month to provide additional information and documents related to the proposed issuance.
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"The revised prospectus will be submitted for approval to the Financial Supervision Commission," Monbat said in a bourse filing.
Monbat said last month it has decided to issue seven-year corporate bonds worth up to 30 million euro ($35.4 million). The company intends to issue up to 30,000 bonds with a nominal value of 1,000 euro each, equal to their sale price.
The issue will bear an annual interest rate equal to six-month EURIBOR plus allowance of 300 basis points, but not less than 3.0%, with coupon payments due semi-annually.
The bonds will be redeemed in three instalments of 20%, 30% and 50% of the nominal value of the issue at the end of the fifth, sixth and seventh year, respectively.
Monbat shares traded 0.01% lower at 10.998 levs as at 1314 CET on Tuesday on the Bulgarian Stock Exchange.
($ = 0.8470 euro)
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