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Tuesday, April 22, 2008

Pharmaceutical producer Pliva announces early redemption of EUR 75mn bond.





Pharmaceutical producer Pliva announces early redemption of EUR 75mn bond. The pharmaceutical producer Pliva announced that the requested amendments to the terms and conditions of its bonds, which were listed on the official market of the Zagreb Stock Exchange, were approved and the company would redeem EUR 75mn bonds on Apr 30. The redemption price will be 100.50%. In addition to the redemption price, the company will pay the interest due until Nov 12, 2007 , but not until May 12. All bonds holders, who were registered with the Central Depository Agency (SDA) as of Apr 29, will have a right on the redemption price and accrued interest. The corporate bonds were issued on May 12, 2004 and mature in 2011 and the annual coupon was fixed at 5.75%.The pharmaceutical producer Pliva was bought by US firm Barr Pharmaceuticals in 2006. As recalled, a day ago Pliva announced that it will increase its capital by 10.5% to HRK 2.05bn (EUR 282.9mn). The decision was taken on Apr 17 by the company’s management board after the consent of the supervisory board. The capital hike will be done by issue of 1.945mn ordinary shares with nominal value of HRK 100. The shares will be issued at a price of HRK 760 per share through private placement.


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