October 10 (SeeNews) - The bondholders of Bulgarian sugar and ethanol producer Zaharni Zavodi [BUL:ZHZA] approved a proposal for early repayment of a 18.8 million levs ($9.32 million/ 9.61 million euro) bond, the company said on Monday.
Thus, the maturity date was brought forward to January 29, 2023, from August 22, 2025, Zaharni Zavodi said in a stock exchange filing.
A portion of 7 million levs of the principal will be repaid simultaneously with the tenth coupon payment, bondholders decided at a meeting held on October 7.
Under the changed timelines, the company will make the ninth interest payment on November 29, 2022. The following interest payments will be made each month instead of the previous schedule of every six months.
Zaharni Zavodi issued the bond with an annual coupon rate of 3% in 2018. The company said at the time it intended to use the proceeds to repay outstanding debt.
(1 euro = 1.95583 levs)