Sofia Commerce-Pawn Shops raised EUR 1.5m from its convertible bond issue (16.12.2013)
Sofia Commerce-Pawn Shops raised EUR 1.5m from its convertible bond issue. A total of 15,058 convertible bonds were subscribed for EUR 100.00 face value.
The minimum expectation for the issue was EUR 1m and the maximum was EUR 2.5m.
A total of 12,900 unexercised rights were subscribed before the auction and another 461,856 after the auction, which collectively gave the opportunity to subscribe another 4,800 convertible bonds out of 17,700 possible post-auction.
The issue was structured by the Bulgarian investment bank Mane Capital, which also managed the convertible bonds issue of Industrial Holding Bulgaria this year.
Some of the investors who bought rights during the auction refused to exercise them and pay the issue price and/or part of the investors who requested bonds, before the auction refused to pay. The payment deadline is 12 December 2013.
During the auction, the rights were traded at the minimum possible price of BGN 0.001.
The convertible bonds were issued at a face value of EUR 100.00 per bond with conversion price of BGN 8.149 per share with conversion ratio of 24 stocks per bond. The bonds have maturity of 36 months (3 years) and yield 12% per annum.
The firm has issued 400,000 preferred shares with BGN 0.75 divided per annum and 2m common shares.
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