Industrial Holding Bulgaria increased its capital after conversion of its matured bonds issue (07.04.2015)
The capital of the holding will be increased by 14% after 31% of the matured bonds are converted.
Industrial Holding Bulgaria AD will increase its capital by BGN 9,422,100 or 14% from BGN 67,978,543 to BGN 77,400,643 as stated in an announcement made by the holding officials published on Investor.bg.
The increase comes as a consequence partly from the conversion of the previous 9-year bond issue of the holding, maturing on the 18th of April 2015.
By the deadline for the submission of conversion papers – the 3rd of April 2015, 9 bond holders decided to convert 94,221 bonds with nominal value of BGN 100 (31% of all bonds issued) into 9,422,100 shares with a nominal value of BGN 1.00.
The convertible bonds issue of Industrial Holding Bulgaria totals BGN 30m with an annual interest rate of 6.5% paid semi-annually.
By the end of 2014, the holding decided to issue new convertible bonds with a total value of BGN 50m with a minimum expectation of BGN 30m. Terms of the bond issue would be 3 years with annual interest rate of 5% paid semi-annually.
The proceeds are to be used to pay out the previous bonds issue, refinance investments in the KP3 Port Burgas AD and other projects of the holding and subsidiaries.
Original Article Link