EuroHold Bulgaria tenders for €47 million 8% notes due 2021 at par

By Susanna Moon

Chicago, Nov. 22 – EuroHold Bulgaria AD is tendering for its €47 million of 8% notes due Dec. 22, 2021 guaranteed by Euroins Insurance Group AD.

The issuer is offering to purchase the notes at a price of par for each €1,000 principal amount until 11 a.m. ET on Nov. 28.

The reason for the offer, along with an issuance of new notes, is to manage the issuer’s debt, to extend its maturity profile and to improve the pricing of its debt, according to a company announcement.

EuroHold plans to price new notes with enough proceeds to finance the tender, and the offer is contingent on the new issue.

Settlement is expected to occur on Dec. 7.

Holders may only tender notes in principal amounts of €250,000 or in integrals of €1,000 after that.

The dealer managers are Renaissance Securities (Cyprus) Ltd. (+357 22 360 000 or SyndicateDCM@rencap.com) and Euro-Finance AD (+359 2 980 5657 or kirov@eurofinance.bg).

Lucid Issuer Services Ltd. (+44 20 7704 0880 or eurohold@lucid-is.com) is the tender agent.

The issuer is an insurance company based in Sofia, Bulgaria.

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