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.
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Source: Investor.bg