By Wendy Van Sickle
Columbus, Ohio, Oct. 13 – Forthnet SA issued €70.12 million of nine-year 1% convertible bonds on Tuesday with a yield of 2.03%, according to a notice.
The company’s board of directors had approved the issue of a convertible bond loan of a total amount of up to €99,087,466 in June.
Through the exercise of preemption and pre-subscription rights by holders of existing shares and a subsequent private placement, a total of 233,748,933 of the convertibles with a nominal value of about €70.12 million, or 70.77% of the convertible bond loan, were issued at a price of €0.30 each, a 3.45% premium to Monday’s close of €0.29.
A total of €28.96 million, or 29.23% of the convertible bond loan, was unsubscribed.
A public offer by pre-emption right opened Sept. 22 and ended on Oct. 6. During the same period, exercise of pre-subscription rights was also possible.
During this period, €98,950 of the convertibles were subscribed to by preemption right and €23,798 were subscribed to by pre-subscription right.
After that period, a private placement commenced, ending on Tuesday with subscriptions for €70,001,931.
Pallini, Greece-based Forthnet, also known as Hellenic Company for Telecommunications and Telematic Applications SA, provides telephone, paid television and Internet services.
| Issuer: | Forthnet SA
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| Securities: | Convertible bonds
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| Amount: | €70,124,679.90
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| Tenor: | Nine years
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| Coupon: | 1%
|
| Price: | €0.30
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| Redemption price: | €0.33 (110% of par)
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| Yield: | 2.03%
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| Conversion price: | €0.30
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| Conversion rate: | 1
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| Announcement date: | Sept. 15
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| Settlement date: | Oct. 11
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| Stock symbol: | FORTH:GA
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| Stock price: | €0.29 as of Monday’s close, €0.37 at close on Sept. 15
|
| Market capitalization: | €43.05 million
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