November 23 (SeeNews) - Romanian consumer electronics and IT retailer group Flamingo International said on Monday it will launch a 29 million lei ($10.1 million/6.8 million euro) convertible bonds issue to sustain its operations.
The group will issue 290 million five-year bonds and offer them at a price equal to their par value of 0.1 lei each. The bonds converted into shares will carry an interest rate of 37.973% and the rest of the bonds will carry an interest rate of 10%, Flamingo International said in a statement.
The public offer will be valid from January 5 to January 11, 2010.
Shares in Flamingo International closed down 1.67% at 0.0295 lei on the Bucharest Stock Exchange on Monday.
(1 euro = 4.2796 Romanian lei)