May 11 (SeeNews) - Bulgaria's Elana Financial Holding said on Thursday that it was authorised by its shareholders to privately place a five-year bond issue of up to 1.7 million euro ($1.86 million).
The company plans to issue up to 1,700 ordinary, non-convertible, unsecured bonds at a price of 1,000 euro apiece, equal to their nominal value, Elana Financial Holding said in a stock exchange filing.
The bonds will carry a fixed annual coupon of 5.5%, with payments due semi-annually, while principal payments will be made in four equal instalments of 425,000 euro.
The placement, which will be the company's third, will be considered successful if it attracts at least 1.2 million euro from investors. The raised funds will be used to repay an outstanding bond issue and advance the company's projects.
Investors can subscribe for the bonds between May 15 and May 18.
Elana Financial Holding currently has one outstanding bond issue [BUL:229F] worth 1.2 million euro, which will mature in October 2024.
($ = 0.9132 euro)