ALBENA ISSUES BGN 15 M BOND LOAN

Business | June 24, 2001, Sunday // 00:00

The General shareholders` meeting of Albena AD, one of the biggest Black Sea resorts changed the board of directors today. The number of directors on the board was increased from five to seven. Ivelina Grozeva was elected as chairperson of the board of directors. Albena AD will issue a second bond loan, amounting to BGN 15 million, the general meeting decided. The interest on the bonds will be up to 10% on an annual basis, maturity will not exceed 10 years considered from the subscription date. The new board of directors will have to decide whether the issue will be public or private and to agree on the terms of issuing and repayment of the bonds. Albena issued its first BGN 5 M bond loan in 2000. The company reported the issue was successful.
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