By Angela McDaniels
Tacoma, Wash., May 9 - Marfin Investment Group Holdings SA will issue up to €660.28 million principal amount of convertible bonds through a rights offering, according to a company news release.
The convertibles will be issued in two tranches: up to €408.63 million of 7% six-year convertibles with a €0.54 conversion price (tranche A) and up to €251.66 million of 6.3% seven-year convertibles with a €0.99 conversion price (tranche B).
The face amount of each bond is €1.00.
The tranche A and tranche B conversion prices are 50% and 175% premiums, respectively, to the company's €0.36 closing share price on Wednesday.
Both tranches will be offered first to the company's existing shareholders. Any tranche B convertibles that shareholders do not subscribe for will be offered to holders of the company's 5% convertible bonds due 2015, who can subscribe for the new convertibles by exchanging all of the bonds they hold on May 10.
Shareholders of record as of May 14 will be given one right for every share held. Rights will be tradable from May 16 through May 24, and the rights exercise period will run from May 16 through May 30.
Shareholders can subscribe for 0.5304556846 tranche A bonds and 0.3266863953 tranche B bonds per right.
Piraeus Bank SA is the agent/trustee/applications manager.
Marfin is an investment holding company based in Nea Erythrea, Greece.
| Issuer: | Marfin Investment Group Holdings SA
|
| Issue: | Convertible bonds
|
| Amount: | Up to €660,281,301
|
| Face amount: | €1.00
|
| Agent: | Piraeus Bank SA
|
| Pricing date: | May 9
|
| Stock symbol: | Athens: MIG
|
| Stock price: | €0.36 at close May 8
|
|
|
| Tranche A
|
| Amount: | Up to €408,625,335
|
| Maturity: | 2019
|
| Coupon: | 7%
|
| Conversion price: | €0.54
|
| Conversion premium: | 50%
|
|
|
| Tranche B
|
| Amount: | Up to €251,655,966
|
| Maturity: | 2020
|
| Coupon: | 6.3%
|
| Conversion price: | €0.99
|
| Conversion premium: | 175%
|
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