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SOFIA (Bulgaria), July 11 (SeeNews) - Bulgarian real estate investment trust (REIT) Sopharma Properties intends to use the proceeds of its planned capital hike to repay early part of a loan to local lender DSK Bank, the REIT said.
Sopharma Properties is aiming to raise up to 5.5 million levs ($3.3 million/2.8 million euro) via the issuance of up to 850,000 shares, data from the capital increase prospectus shows. The shares, which carry a nominal value of 1 lev each, will be offered for subscription at a price of 6.5 levs apiece.
The capital hike will be considered successful if at least 425,000 shares are subscribed for and paid for.
Sopharma Properties' capital currently amounts to 20.1 million levs.
Sopharma Properties signed the 22.6 million euro loan deal with DSK Bank in 2008. The loan was then refinanced in 2011 and 2014.
The company took the loan in order to finance the construction of two office buildings in Sofia - Sopharma Towers.
At the end of June 2017, the remaining nominal value of the loan was 25.5 million levs, according to data from the capital hike prospectus.
The Financial Supervision Commission approved Sopharma Properties' capital increase prospectus on Monday.
As at 14:45 CET on Wednesday, Sopharma Properties shares traded 0.79% higher at 6.4 levs.
(1 euro = 1.95583 levs)