Meco issues 459,000 bonds in 2nd phase of 2009

VNStockNews.com - The Electrical Mechanical and Construction Joint Stock Co (Meco) announced about issuing convertible bonds – the second phase in 2009.

The total bond volume to be issued would be 459,000 units at a par value of 100,000 dong. The bonds have payment term of 3 years with coupon rate of 12 percent per year.

The convertible method would be applied at a rate of 20 percent after 12 months and 50 percent after 24 months (including those non-convertible bonds issued in 1st phase) and 100 percent after 36 months (including those non-convertible bonds issued in two phases). After 36 months, the remaining bonds that are left unconverted into ordinary shares at the fixed convertible rate will be paid at maturity date.

The bonds will be issued from December 31. The issuance period will last for no more than 30 days after the date of issue.