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Dec 01, 2017 11:53 EEST
December 1 (SeeNews) - Financial and insurance group Eurohold Bulgaria [BUL:4EH] said on Friday it has successfully issued a 70 million euro ($83.5 million) worth of five-year notes carrying a fixed annual interest rate of 6.5%.
The notes were subscribed by more than 20 institutional investors from the UK, Switzerland, Russia, Germany and Bulgaria, Eurohold said in a statement.
The funds raised through the issue will be used for purchasing the notes from the previous 47 million euro issue due December 2021 that carries an annual coupon of 8.0%, as well as for developing and expanding Eurohold's business.
The notes were issued under the company’s 200 million euro Euro Medium Term Note (EMTN) programme approved by the Irish central bank in November 2016 and listed on the Irish Stock Exchange.
"The new notes issue reflects improved conditions for us as an issuer in comparison to the previous one which is an assessment for an increased trust placed by the investors. The new corporate notes will not impact the company's indebtedness because of the upcoming capital increase via the issuance of 40.3 million shares with a nominal value of 1 lev each and issued at a price of 1.3 levs apiece that will be conducted till the end of the year," Kiril Boshov, chairman of Eurohold Bulgaria's management board, said in the statement.
The EMTN programmes are a popular funding source for the corporate sector in the developed countries and allows bond issuers to enter foreign markets more easily to get capital.
London-based Nomura International and Renaissance Capital are joint lead managers and joint bookrunners, Bulgaria-based Euro-Finance and BAC acted as co-managers, and Varengold Bank is a financial advisor, Eurohold Bulgaria said.
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