Romanias Banca Transilvania to issue EUR 30mn convertible bond.

By bne IntelliNews October 19, 2012
Romanian medium-sized lender Banca Transilvania plans to issue EUR 30mn convertible bond denominated in euros with a maturity of 6-7 years, Ziarul Financiar daily reported, quoting a bank press release. The coupon would be set at 6-6.25pps over six-month EURIBOR. On October 30, the bank's shareholders will decide on the conversion mechanism - in the sense that the shareholders will give up the right to defend their shares that would dilute at the moment of conversion. Banca Transilvania has previously issued a similar EUR 20mn convertible bond in 2005. The main shareholders in Banca Transilvania include the EBRD (14.6%), the Bank of Cyprus (9.6%). Significant stakes, yet below 5%, are held by financial investment funds SIFs and Horia Ciorcila, which is the bank's founder.

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