Globe Trade Centre S.A. (GTC) issued new bonds in exchange for existing ones at the end of October and in early December of 2012. The action enabled the maturity of over EUR 70m of existing bonds to be prolonged, and helped to improve the balance sheet and increase the financial liquidity of the Company. January 4 has been designated as the first day of trading for the first portion of the new bonds (2,058 of bonds in the total nominal value of PLN 205.8m) that are being introduced on Catalyst.
The bondholders of new bonds are selected institutional investors who had hold the bonds issued by GTC in 2007 and 2008.
The new bonds will be amortized over 2017 and 2018 in 3 equal tranches with the final maturity 30 April 2018. The interest on the new bonds is based on the 6M WIBOR and a 4% p.a. margin set forth in the terms and conditions of the bonds.
GTC plans to list another portion of new bonds (in the total nominal value of PLN 88.4m) on Catalyst by the end of January 2013