By Rebecca Melvin
New York, Aug. 18 - Bulgaria's Chimimport AD priced €65 million of 7% seven-year exchangeable bonds to yield 9% with an initial exchange premium of 30%, according to a news release.
There is an over-allotment option for up an additional €15 million of exchangeable bonds.
The secured paper priced at par and will be redeemed at maturity at 118.9% of the principal amount plus accrued interest.
Issued by Chimimport subsidiary Chimimport Holland BV, the paper represents the first equity linked Bulgarian bonds offered outside of Bulgaria.
The exchangeables are non-callable for three years and provisionally callable thereafter at a price hurdle of 130%. There are puts in years 2010 and 2012.
Proceeds are for financing expansion through strategic acquisitions and for general corporate purposes.
Sophia-based Chimimport is an investment company.
| Issuer: | Chimimport Holland BV
|
| Issue: | Exchangeable bonds
|
| Amount: | €65
|
| Greenshoe: | €15 million
|
| Maturity: | Aug. 22, 2015
|
| Bookrunner: | UniCredit Market & Investment Banking (acting through Bayerische Hypo- und Vereinsbank)
|
| Coupon: | 7%
|
| Price: | Par
|
| Redemption price: | 118.9%
|
| Yield: | 9%
|
| Exchange premium: | 30%
|
| Exchange price: | BGN 10.984
|
| Call: | Non-callable until 2011, provisionally callable thereafter at 130% hurdle
|
| Puts: | In years 2010, 2012
|
| Settlement date: | Aug. 22
|
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