By Angela McDaniels
Tacoma, Wash., March 23 - Marfin Investment Group Holdings SA issued €251.71 million principal amount of convertible bonds, according to a company news release.
On Feb. 10, the company said it would offer €402.86 million of 5% five-year convertibles through a rights offering.
Shareholders were offered one bond for every nine shares held. The rights were tradable from Feb. 18 through Feb. 26, and the rights exercise period ran from Feb. 18 through March 4.
The face amount and purchase price of each convertible is €4.77.
Interest is payable quarterly.
Bondholders will receive 110% of par at maturity, or €5.247 for every €4.77 principal amount.
The bonds are convertible into Marfin shares on a quarterly basis. Tuesday's release did not disclose the conversion price.
According to a prior news release, the conversion price is 110% of the average price of the company's shares during the five trading days prior to the first day of trading of the convertibles on the Athens Stock Exchange, which was expected to take place in mid-March.
The convertibles are 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 said the proceeds will be used to strengthen the group companies' activities, either through participation by the company in possible share capital increases by these companies or through any other way deemed necessary according to current legislation.
Following the issuance, the company's liquidity stands at €641 million.
Marfin is an investment holding company based in Nea Erythrea, Greece.
| Issuer: | Marfin Investment Group Holdings SA
|
| Issue: | Convertible bonds
|
| Amount: | €251,712,566
|
| Maturity: | 2015
|
| Coupon: | 5%, payable quarterly
|
| Price: | Par of €4.77
|
| Conversion premium: | 10%
|
| 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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