August 7 (SeeNews) - A total of 7,224 subscription rights for the 20 million levs ($11.9 million/10.2 million euro) convertible bond issue of Bulgarian sugar producer Zaharni Zavodi [BUL:3Z9] were subscribed for in an auction on the Bulgarian Stock Exchange on August 6, bourse data shows.
A total of 658,848 subscription rights were offered in the auction, according to bourse data.
Each 55.56 subscription rights give their holder the option to subscribe for one bond.
Following the auction, the total number of subscribed rights for the bond issue increased to 10,461,295, or 94% of all offered rights.
Zaharni Zavodi is offering for subscription a total of 200,000 bonds with a nominal value of 100 levs each.
The issue will be considered successful if at least 160,000 bonds are subscribed for and paid for.
The bonds carry an annual coupon of 3% with coupon payments due semi-annually.
Zaharni Zavodi operates several production facilities – a sugar refinery, a confectionery plant and an ethyl alcohol distillery.
(1 euro = 1.95583 levs)