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VietNamNews

Company raises nearly $7.6 million from bonds

Update: June, 02/2012 - 08:22

HA NOI — Construction materials distributor Tasco (HUT) announced it had raised VND159.5 billion (nearly US$7.6 million) from selling 159,510 convertible bonds, accounting for 63.8 per cent of the total bonds issued in the first phase.

The bond yield was 20 per cent per year, with a conversion price of VND11,475 per share that will be adjusted in accordance with the bonds' anti-dilution provisions.

Individual domestic investors accounted for about 64.2 per cent of investors who purchased the bonds.

Tasco planned to issue the bonds in two phases, totalling VND350 billion ($16.6 million), with the first phase worth VND250 billion ($11.9 million). Proceeds from the sale of bonds will be invested in the company's new project and added to its working capital.

Bond principal and interest are expected to be paid by cash and revenues from ongoing real estate projects. — VNS

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