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Marfin launches convertible bond issuance for up to EUR660m

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Marfin Investment Group has launched a convertible bond loan issuance for up to EUR660,301,281 which will be tradable on the Athens Exchange with pre-emption rights in favour of existing shareholders and pre-subscription rights in favour of existing bondholders.

 
The issuance is made up of two tranches.
 
The first tranche, up to EUR408,625,335, will be used to invest in potential opportunities in Greece and SEE and to grow the existing portfolio companies. The second tranche, of up to EUR251,655,966, will be addressed primarily to existing bondholders aiming to refinance the existing convertible bond loan at more attractive terms.
 
Both tranches of bonds will be convertible into common shares; the first tranche at a conversion price of EUR0.54, carrying a coupon of seven per cent annually with a duration of six years and the second at a conversion price of EUR0.99, carrying a coupon of 6.3 per cent annually with a duration of seven years.
 
Thimios Bouloutas, chief executive of MIG, says: “In view of the adverse market conditions and the prospects of an economic recovery in Greece, there exist great opportunities for the completion of synergetic deals which enhance shareholder value and further strengthen the attractiveness and value of MIG’s portfolio. The recent successful debt issues from Greek corporates as well as the successful completion of a major privatisation clearly show foreign investors’ growing interest towards Greece. The proceeds of this convertible bond issue will allow MIG to strengthen and expand our existing portfolio of leading companies operating in sectors such as food and beverages, healthcare and transportation and shipping as well as address attractive acquisition opportunities arising in Greece as well as expand abroad.”

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