Balkancar - Zarya Issues Bonds Worth 5.5 Mln Euro

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The Board of Directors in Balkan-Zarya AD Pavlikeni decided to issue an emission of bonds worth up to 5.5 mln euro, BSE reports.

The bonds will be ordinary, transferable, paperless, secured, interest-bearing and with a buy back option.

The emission will consist of up to 5,500 bonds with a face value of 1000 euro.The maturity of the bond credit is 60 months and the annual interest rate is 7.25%. Interest payment recurrence will be 6 months.

The company will use up to 40% of generated funds to purchase new machines, facilities and equipment, to acquire controlling stakes in other companies in the area of production of wheels and wheel rims or related activities.

Part of the funds will be used to refinance the 500,000 credit taken from Bulgarian Post Bank on 29 August 2005.

The credit was secured by a mortgage on real estate and a pledge on machines and equipment.
Balkancar – Zarya Pavlikeni increased capital from 165 257 leva to 1,322 056 leva using own funds.

21 shares have cganged hands so far today on the BSE at an average of 9.50 leva.

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