7th Jul 2014 12:42
LONDON (Alliance News) - Reconstruction Capital II Ltd Monday said that issuing its proposed EUR9.0 million secured convertible bond has taken longer than expected, meaning that the four-month EUR6.75 million bridge loan from company director Ion Florescu has been extended for up to three months and will now mature at the end of October.
In a statement, Reconstruction Capital II said that it can repay the bridge loan early without any penalty. The terms remain unchanged.
Although the convertible issuance is currently being finalised, Reconstruction Capital II said that it expects the bond to have a three-year term and a 10% coupon rate a year. Reconstruction Capital II said it expects that the bond will include the right to be converted into a 40% stake in the company's enlarged share capital.
Reconstruction Capital II shares were Monday untraded at EUR0.125.
By Samuel Agini; [email protected]; @samuelagini
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