May 13, 2019 / 5:45 AM / in 8 days

BRIEF-Nueva Expresion Textil To Issue 7.6 Mln Euros In Convertible Bonds

May 13 (Reuters) - Nueva Expresion Textil SA:

* SAID ON FRIDAY TO PROPOSE TO ISSUE 7.6 MILLION EUROS IN CONVERTIBLE BONDS

* BONDS TO BE ISSUED WITHOUT PREMIUM OR DISCOUNT, AT 100% OF THEIR NOMINAL VALUE

* EACH BOND TO HAVE NOMINAL VALUE OF 0.70 EUROS AND MATURITY OF 4 YEARS

* BONDS TO EARN ANNUAL NOMINAL INTEREST OF 7.5%

* TO RUN SHARE CAPITAL INCREASE IN THE AMOUNT NECESSARY TO MEET CONVERSION OF BONDS AND UP TO NOMINAL AMOUNT OF 0.2 MILLION EUROS

* SAYS CONVERSION RATIO IS ONE SHARE OF THE COMPANY FOR ONE BOND

* ISSUES BONDS TO OFFSET THE AMOUNT THAT COMPANY OWES TO BONDHOLDERS UNDER BRIDGE LOANS

* SAYS BOARD AGREED TO EXCLUDE SHAREHOLDERS PREFERENTIAL SUBSCRIPTION RIGHT

Source text for Eikon:

Further company coverage: (Gdynia Newsroom)

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