September 20 (SeeNews) - Bulgarian sugar and ethanol producer Zaharni Zavodi [BUL:ZHZA] said it will propose to pay early a 18.8 million levs ($9.62 million/ 9.61 million euro) bond, starting with the repayment of 7 million levs of the principal.
If the plan is approved at a bondholders’ meeting on October 7, the sum of 7 million levs will be paid simultaneously with the tenth coupon payment, the company said in a bourse filing on Monday.
Overall, Zaharni Zavodi intends to bring forward the bond’s maturity date to January 29, 2023, from August 22, 2025.
The company will propose to make the ninth interest payment on November 29, 2022. Under the proposed plan, the following interest payments will be made each month instead of the previous schedule of every six months.
Zaharni Zavodi issued the bond with an annual coupon rate of 3% in 2018. The company said at the time it intended to use the proceeds to repay outstanding debt.
(1 euro = 1.95583 levs)