Sun, Nov 22 2009

Bulgaria's Chimimport places 65M euro bond to fund expansion

Tue, Aug 19 2008 11:57 CET bydnevnik.bg 190 Views

A Dutch-registered unit of Bulgarian business conglomerate Chimimport has placed a 65 million euro corporate bond with an option to increase the size of the issue by up to 15 million euro. The proceeds will be invested in the expansion of the company through strategic acquisitions and for general business purposes, the company said in a statement.

The seven-year convertible bonds have a seven per cent interest coupon.

If Chimimport shares appreciate by more than 130 per cent over the conversion price set at 10.984 levs per share, the company has the option to buy back the bonds at its own discretion, but no sooner than August 22 2011.

The short-term goals of the company include the merger of the Lukoil Garant and CCB Sila pension insurance companies and air carriers Hemus Air and Bulgaria Air, Chimimport said back in June.

The company also plans to snag banking assets with a solid regional footprint in Russia and the Ukraine. Chimimport has so far entered the Macedonian banking market through its subsidiary Central Co-operative Bank.

Over the midium term, Chimimport plans to consolidate its real estate operations related to the building of two sports complexes and a retail center in Varna, a Borovets hotel and the Golf Shabla resort.

Over the last couple of years, the conglomerate raised cash mainly through the issue of new shares.

Read the full story on Dnevnik.bg

Write comment

Name:Comment:

Generate new code
Send your comment

More in this category

Bulgarian MPs resurrect proposal to raise spirits excise

Strong public opposition to price hikes prompted Prime Minister Boiko Borissov to axe the Finance Ministry proposal to increase the excise duty on spirits, but MPs have put it back on the agenda.

Back to the future

Bulgaria’s Cabinet seeks to reverse recent changes in the telecommunications sector

At a crossroads, again

Kremikovtzi’s prospects for a recovery plan appear increasingly distant

Cash or card?

Bulgarians are getting the hang of debit and credit cards, MasterCard says

Bulgarian telecom Spectrum Net acquires local peer Orbitel

The two telecoms, both set up to challenge former fixed-line state monopoly BTC, will merge operations and expect to report 20 million euro in revenue and a gross profit of five million euro in 2010.

© 2000-2009, Sofia Echo Media Ltd.

Web Design by RIZN

Sofia Echo Media is part of the Economedia Group.
The news and information content on this website is provided by our editorial team and is copyrighted. Any unauthorised reproduction or use of it is strictly forbidden. Reproduction of this website's content is permitted only with prior written permission from the Editor-in-Chief, should be propertly acredited and provide an active link back to our site. Comments posted by the website's visitors are independent of the editorial materials and do not represent the views of sofiaecho.com. Sofia Echo Media cannot be held responsible for the statements contained in visitor comments. The percentаge change in the shares' prices are based on the price of the last transaction of the current session compared to the price of the last transaction of the previous session. Bulgarian Stock Exchange data is not real-time, but updated every 15 minutes, and should not be used as a basis for decisions about buying or selling stock options.