October 5 (SeeNews) - Bulgaria’s real estate investment trust (REIT) Bravo Property Fund [BUL:BPF] said that its bondholders have rejected a proposal for early redemption of a 30 million levs ($15.2 million/15.3 million euro) bond which it has issued to co-finance the acquisition of its office building.
The option for early repayment of the bond’s principal was turned down at a meeting of bondholders held on September 30, Bravo Property said in a stock exchange filing last week.
In parallel, bondholders approved a proposal under which the issuer is obligated to rent out at least 60% of its office building. The percentage was reduced from an earlier 70%. The mortgage on the building and a plot of land serves as a collateral to the bond.
If the new 60% target is not met, the issuer needs to take action within six months as bondholders turned down a proposed longer period of nine months.
(1 euro = 1.95583 levs)