October 10 (SeeNews) - Bulgarian car battery manufacturer Monbat [BUL:5MB] said on Tuesday its board of directors has decided to issue seven-year corporate bonds worth up to 30 million euro ($35.4 million).
The company intends to issue up to 30,000 bonds with a nominal value of 1,000 euro each, equal to their sale price, Monbat said in a bourse filing.
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The issue will bear an annual interest rate equal to floating rate of six-month EURIBOR plus allowance of 300 basis points, but not less than 3.0%, with coupon payments due semi-annually.
The bonds will be redeemed in three instalments of 20%, 30% and 50% of the nominal value of the issue at the end of the fifth, sixth and seventh year, respectively.
Monbat shares closed unchanged at 11.0 levs on Tuesday.
($ = 0.8470 euro)