Romanian Electronics Retailer Flamingo Intl To Raise Capital via 29 Mln Lei (6.9 Mln Euro) Bond Issue

Flamingo International said in a statement it will issue 290 million convertible bonds with an offer price equal to their par value of 0.1 lei each. The bonds, which will mature in five years' time, can be converted into company shares from 2010 until 2013.

The company said it will use the proceeds from the bond issue to sustain its operations.

Shares in Flamingo International last traded at 0.0282 lei, up 3.3%, on the Bucharest Stock Exchange on August 14. They were suspended from trading on Monday and Tuesday due to a shareholders meeting and will resume trading on Wednesday.

(1 euro = 4.2177 Romanian lei)