November 12 (SeeNews) - Bulgarian special purpose vehicle (SPV) Transinvestment said on Thursday it plans to issue corporate bonds worth of 2.5 million euro ($3.7 million) to 4.0 million euro.
The bonds will have a par value of 1,000 euro each and three-year maturity. They will carry an annual coupon of 9.5% with coupon payments due semi-annually, the company said.
Transinvestment is majority-owned by Petrol Holding, the majority owner of the country's largest fuel retailer Petrol.
The company did not elaborate how it will use the proceeds from the bond issue. It used previous bond issues to buy short-term receivables from revolving credits connected to payments made with credit cards issued by Bulgaria's Transcard, a company majority-owned by Petrol Holding.
($ = 0.6694 euro)