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VMI to issue $1.3b of bonds

Update: September, 23/2015 - 07:55

VMI now has VND86 billion ($3.82 million) in the company's charter capital after issuing an additional 2.7 million to the market. — Photo shs.com.vn

HA NOI (VNS) — Visaco Mineral and Investment Joint Stock Company (VMI) will issue VND30 billion ($1.3 million) of convertible bonds with a maturity of 24 months.

The interest rate for the bonds is 11 per cent for the first year and will be adjusted within four per cent compared to the bank's interest rate in the second year.

Bondholders may convert these bonds into company's shares or receive cash on two occasions: 50 per cent of the bond yield after the first year or 100 per cent of the bond yield on the maturity date.

If bondholders decide to convert all the issued bonds, VMI will have to issue three million shares at the price of VND10,000 per share for bondholders.

VMI now has VND86 billion ($3.82 million) in the company's charter capital after issuing an additional 2.7 million to the market.

VMI yesterday rose 8.6 per cent to close at VND23,900 per share. — VNS

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