In January 2004 three workers were killed and 22 injured in an accident at Bulgarian iron and steel company Kremikovtzi; in 2005 a Sofia court declared the firm insolvent; in 2006 it successfully issued A300 million of bonds. Despite a portfolio of problems ranging from inherited bad debts to unpaid taxes and poor reporting, Kremikovtzi issued the Reg S notes to a total of 47 investors attracted by the 12% coupon and accompanying equity warrants.
Merrill Lynch acted as sole bookrunner and lead manager for the deal.
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