A proposal to the bondholders for the redemption of the 670 million euro bond loan of the Ellactor Group was addressed by its management. The bondholder acceptance period will last until September 21, 2022.
The issue of the very expensive bond, which costs 45 million euros a year to Ellaktoras, had been in the sights of the group’s new administration from the first day.
The bond, amounting to 670 million euros, was issued in 2019 and was concluded with an interest rate of 6.4%, with a maturity date of 2024, while its issuance was pledged by Aktor Parachoresis, the parent company Ellaktor (so essentially the Branch of Wind power due to the absorption of EL.TECH.ANEMOS) and ELEKTOR, i.e. waste management.
The money for repaying the loan will come from the price that Ellactor will collect for the acquisition of 75% of the new RES company that will be established with Motor Oil.
From the agreement (75% Motor Oil, 25% Ellaktor) the construction group will collect 750 million euros.
Source: Capital
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