Cyprus-based lender, Marfin Popular Bank, will issue up to €294 million in convertible enhanced capital securities (CECS), Reuters reports. The CECS carry a coupon rate of 7% and will be offered through pre-exemption rights to all existing shareholders. The securities are part of a €660 million convertible security issue approved by the bank in November 2010. The conversion price has been set at €1.80, decided by the bank’s board of directors on Nov. 11, 2010.
Click here for the story from Reuters.
Click here for additional coverage from Financial Mirror.