Eurohold Bulgaria launches tender offer, consent bid for 6½% notes

By Marisa Wong

Los Angeles, Nov. 23 – Eurohold Bulgaria AD announced an invitation to holders of its outstanding 6½% notes due Dec. 7, 2022 (ISIN: XS1731768302) guaranteed by Euroins Insurance Group AD to consent to an extension of the maturity date, some waivers and some amendments to the terms of the notes and to tender their notes for purchase for cash, according to a notice.

Currently, €69.39 million of the original €70 million principal amount is outstanding.

The issuer is offering to purchase the notes at par plus accrued interest.

The issuer is seeking approval through an extraordinary resolution by way of electronic consent.

The issuer is not offering any consent fee, tender fee or other incentive in connection with the consent solicitation.

The consent solicitation and tender offer expire at 11 a.m. ET on Nov. 30.

Results will be announced on Dec. 1.

Settlement is slated for Dec. 15.

The main reason for the proposed maturity extension is to improve the issuer’s liquidity and cash flow management.

The company said it is in advanced discussions to enter into financing with an international financial institution to provide funds for the offer.

Kroll Issuer Services Ltd. (+44 20 7704 0880; attn.: David Shilson; eurohold@is.kroll.com; https://deals.is.kroll.com/eurohold) is the tender and information agent for the Regulation S offer.

The insurance company is based in Sofia, Bulgaria.

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