Marfin Investment Group (MIG) on Monday announced it would prematurely repay its convertible bond loan worth 375,247,019 euros at the fourth anniversary of its issue (July 29, 2017).
Under the terms of the convertible bond, MIG will pay to bondholders both the capital and the interest, while bondholders reserve the right to convert their bonds into shares by July 26, 2017.
The convertible bond loan is divided into 162,009,139 bonds (a series) and 212,237,880 bonds (b series), worth one euro each and are currently trading in the Athens Stock Exchange.
Repayment of the bond loan will be made using the proceeds of a new convertible bond loan worth 460,302,000 euros approved by a repeat regular general shareholders' meeting in July 10, 2017. The new bond issue is part of a MIG plan to reduce its financial spending.