Bulgaria's Severcoop-Gamza issues 13.3 mln euro bond

The ordinary, secured, transferable, non-convertible bonds have a floating coupon equal to six-month EURIBOR plus 1.25%, but no less than 3% and no more than 5% annually, Severcoop Gamza said in a bourse filing on Wednesday. Coupon payments are due semi-annually.

The funds raised from the bond issuance will go towards acquiring stakes in companies and portfolio investments, as well as improving the group's capital structure by increasing the return on equity for investors.

They will also be used to acquire financial instruments and assets to improve Severcoop Gamza's financial results in the medium and long term, to repay, optimise and restructure liabilities, as well as finance the group's activities and acquire receivables.

Shares in Severcoop Gamza Holding last traded on June 12 when they closed at 4.38 levs on the Bulgarian Stock Exchange, bourse data show.

(1 euro = 1.95583 levs)