© Reuters. Prisa covers 77% of its bond issue and expects to achieve full subscription
Madrid, Jan 31 (.).- The Board of Directors of Hurry (BME:) (Promotora de Informaciones SA) has covered 77% of its convertible bond issue in the first round, which is equivalent to 99.6 million euros of the total 130 issued, although, with the demand detected, expects to achieve full placement.
As the entity has detailed this Tuesday to the National Securities Market Commission (CNMV), the 82,010 convertible bonds left over in the first round -closed on January 26- will be assigned in the second. It is expected that the corresponding apportionment for their allocation will be carried out on Wednesday.
On January 9, Prisa launched the issuance of 351,350 bonds with a face value of 370 euros each with the support of Amber and Vivendi (EPA:), its two reference shareholders who control, respectively, 29.6% and 9.9% of the company and who had preferential subscription rights in the issue.
Convertible bonds have a fixed annual interest of 1% and a maturity of five years. The conversion price of the bonds was established at 0.37 euros, so 1,000 new shares of the company will be delivered for each obligation.
With this operation, the Prisa publishing group will obtain the necessary funds to partially and early cancel the 190 million tranche of junior debt, the one that represents the highest financial expense for interest for the group as it is referenced to an equivalent variable interest rate. to the Euribor plus 8%.