By Angela McDaniels
Tacoma, Wash., Feb. 10 - Marfin Investment Group Holdings SA will issue €402.86 million principal amount of 5% five-year convertible bonds through a rights offering, according to a company news release.
Shareholders of record as of Thursday will be offered one bond for every nine shares held. The rights will be distributed on Tuesday and will be tradable from Feb. 18 through Feb. 26. The rights exercise period will run from Feb. 18 through March 4.
The face amount and purchase price of each convertible will be €4.77.
Interest will be payable quarterly.
Bondholders will receive 110% of par at maturity, or €5.247 for every €4.77 principal amount.
The bonds will be convertible into Marfin shares on a quarterly basis at a conversion price equal to 110% of the average price of the company's shares during the five trading days prior to the first day of trading of the bonds on the Athens Stock Exchange, which is expected to take place in mid-March.
The bonds will be callable annually. The redemption price will be 102% of par on the first anniversary of the settlement date, 104% of par on the second anniversary, 106% of par on the third anniversary and 108% of par on the fourth anniversary.
Marfin is an investment holding company based in Nea Erythrea, Greece.
| Issuer: | Marfin Investment Group Holdings SA
|
| Issue: | Convertible bonds
|
| Amount: | €402,861,140
|
| Maturity: | 2015
|
| Coupon: | 5%, payable quarterly
|
| Price: | Par of €4.77
|
| Conversion premium: | 10%
|
| Conversion price: | To be determined
|
| Call option: | At 102 on first anniversary, at 104 on second anniversary, at 106 on third anniversary and at 108 on fourth anniversary
|
| Pricing date: | Feb. 10
|
| Stock symbol: | Athens: MIG
|
| Stock price: | €1.84 at close Feb. 9
|
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