Romania’s Bittnet Systems plans EUR 15 mln, 10.6% coupon bond issue

The Board of Directors of Bittnet Systems (BVB: BNET) has decided to conduct an initial public offering of euro-denominated, secured, non-convertible corporate bonds with a maximum total nominal value of EUR 15.00 million, the company announced in a note to investors.

A maximum number of 150,000 bonds will be offered for subscription, with an individual nominal value of EUR 100/bond.

The financial instrument would have a fixed annual interest rate of 10.6%, payable semi-annually through the Central Depository mechanism, a maturity of 5 years (June or July 2031), and a minimum subscription of 10 securities, tradable through all brokers regulated by the ASF.

Similar to the previous public bond offerings conducted by Bittnet, investors will be able to submit orders in an extended price range between EUR 95 and EUR 106 per bond (between 95% and 106% of the face value of the instrument).

At the end of the Offer period (10 days), the Issuer will establish (fix) the sale price, according to the abovementioned interval.

In the following period, the Issuer will submit the complete documentation for approval by the ASF, and the Offer will start after receiving the approval. The intermediary for this operation is BRK Financial Group.

Bittnet Systems was listed in 2018 on the AeRO market at BVB and has since conducted several mandatory exercises.

(Photo source: BVB)