Esterad cancels sale of 7 million dinars of 4.5% convertibles

By Susanna Moon

Chicago, Feb. 8 - Esterad Investment Co. BSC said it will retract its 7 million Bahraini dinars offering before the issue date of Feb. 10.

The decision was based on "the prevailing conditions of the lending markets and liquidity regionally and globally," according to a press release.

BBK is receiving bank for the issue.

The bonds priced on Jan. 10 at par to yield 4.5% with an 8 million dinars over-allotment option.

The subscription period began on Dec. 10. There was a minimum subscription amount of 100 dinars.

The bonds were to be listed on the Bahrain Stock Exchange and convertible into Esterad ordinary shares annually starting in the third year.

The lead manager was SICO.

Esterad is an investment company based in Manama, the Kingdom of Bahrain.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.