Industrial Holding Bulgaria mulls EUR 15mn convertible bond issue.

By bne IntelliNews November 14, 2012
Industrial Holding Bulgaria (BSE: 4ID), one of the blue-chips trading on Bulgarian Stock Exchange, seeks to raise BGN 30mn (EUR 15.3mn) in a convertible bonds issue, the proceeds of which to be used to repay a previous convertible bond maturing in 2014. Some 22mn will be used to finance the maturing debt and the remaining amount up to BGN 30mn will cover partial refinancing of Diamond Sea ship, expansion of Dockyard Burgas and other small projects of the group's subsidiaries. The planned bond, which is to be approved by a shareholder meeting to be held on December 17, will have a 2-year maturity and a 6.5% annual coupon, paid semi-annually. Some 87% of the investment portfolio of Industrial Holding is in the maritime transport, shipbuilding and ship repair business.

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