2008

 28/02/2008 - Announcing the completion of the issue and the full subscription of bond loans

Hellenic Industry of Plastics and Rubber, Aristovolos G. Petzetakis S.A. announces the completion of the issue and the full subscription of bond loans totaling € 121,91 mln by all its bank creditors and foreign investors owning the Company’s debt obligations. More specifically, the following bonds were issued and fully subscribed for:

·        two convertible bond loans: one € 17.5 mln, 3 years’, 7% new money convertible bond loan, offered at a 8.06% discount, and one € 1.4 mln, 3 years’, unsecured, interest free management convertible bond loan, the total net proceeds of which (€ 17.5 mln) were used to repay the interim bond loan of € 7 mln issued by the Company on 6.8.2007, with the balance to be used for working capital purposes and to pay various expenses;

·        one € 80.33 mln, 8 years’ floating rate secured bond loan, the proceeds of which were used to repay existing matured bank debt obligations of the Company; and

·        one € 24.07 mln, 5 years’, interest free debt capitalisation convertible bond, the proceeds of which were used to repay existing matured bank debt obligations of the Company.

The completion of the above bond issues represent the beginning of a new chapter in the operation of the Company as, with the refinancing of its matured debt obligations and the improvement in the Company’s financial ratios, the Company can now actively focus on improving its productivity and strengthening its leading market positions. Building on the relationships with our customers, the continuous improvement of our service standards, product innovation and the quality of our products are the key drivers of our strategy going forward.

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