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SOFIA (Bulgaria), January 11 (SeeNews) - Bulgarian fuel retailer Petrol [BUL:5PET] said that the holders of its ten-year 8.375% corporate bonds due in 2017 have approved an extension of the maturity date of the outstanding portion of the 100 million euro ($106.3 million) issue.
At a meeting, which took place on December 23 in London, Petrol bond holders approved an extension to January 26, 2022 of the maturity date of the bonds, of which 18.7 million euro are outstanding, the company said in a filing to the Sofia bourse on Tuesday.
The annual coupon interest rate on the outstanding bonds was also changed. The coupon was set at 5.5% in the first year after extension and will increase in increments of a half of a percentage point in each of the following two years, then will increase to 7.5% in 2021 and will reach 8% in the last year before maturity date.
The bond holders also approved Petrol's proposal to replace the company's subsidiary Naftex Petrol with its fully owned subsidiary Elit Petrol - Lovech as guarantor of the bond issue.
Petrol consolidated net loss decreased to 11.9 million levs ($6.4 million/6.1 million) in the first nine months of 2016, down from a 96.5 million levs loss in the corresponding period of 2015.
Petrol operates 334 fuel stations in Bulgaria as well as three petrol port terminals.
($= 0.9477 euro)