December 14 (SeeNews) - Bulgaria’s Financial Supervision Commission (FSC) said it approved a prospectus for the admission to trade of a 5 million euro ($5.33 million) bond issued by local financial leasing company Elana Agrocredit [BUL:EAC].
The regulator entered the bond in the register of publicly-traded securities, it said in a decision published on Tuesday.
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The company issued in September 5,000 notes with a par value of 1,000 euro each. The bond has a maturity of 61 months and is due on October 15, 2027. It will bear a floating annual coupon rate formed by six-month EURIBOR plus 3.75%. The rate, however, will not be not less than 3.75% if EURIBOR is negative.
Coupon payments will be due every six months, with the exception of the initial payment which will be due one month after the date of the issuance.
Elana previously said that it will use the bond proceeds to support its main business activity, which is financing agricultural land leases and working capital loan agreements.
According to a recent statement, Elana signed deals to finance purchases of agricultural land worth 1.15 million levs ($6273,000/588,000 euro) in October, up from 709,775 levs in the same month of 2021.
($ = 0.9375 euro)