By Rebecca Melvin
New York, May 6 – OTI Greentech AG has priced €1.9 million of 3.5-year convertible bonds to yield 8.5% with an initial conversion price of premium of €1.65, according to a news release.
The private offering was the first tranche of a total of €4 million of convertibles already placed.
Proceeds are earmarked for funding growth, including research and development and an equity increase in VTT, a subsidiary active in maritime operations.
The bonds will be admitted to trading on the Stuttgart Stock Exchange.
Berlin-based OTI Greentech provides engineering and environmentally sustainable cleaning and waste management services for the oil and marine sector.
| Issuer: | OTI Greentech AG
|
| Issue: | Convertible bonds
|
| Amount: | €1.9 million
|
| Maturity: | Oct. 30, 2018
|
| Coupon: | 8.5%
|
| Initial conversion price: | €1.65
|
| Stock price | €2.00 as of close May 5
|
| Stock listing: | Germany: NSA
|
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