Sporting’s SAD increased the bond loan of 30 to 50 million euros, according to information provided this Wednesday to the Securities Market Commission (CMVM).
The gross fixed interest rate is 5.75 percent. On the table are up to «10 million bonds to be issued by Sporting Clube de Portugal – Futebol, SAD with a nominal unit value of five euros and a global value of up to 50 million euros, to be issued by Sporting SAD on March 27, 2024, with capital reimbursement at the respective nominal value on November 26, 2027», indicates the prospectus.
The two offers on the table, subscription and exchange, end at 3 pm on Friday, March 22nd.
As for the public subscription offer, this concerns the cash subscription of ten million bonds, each worth five euros, up to 50 million euros, plus 20 million euros compared to the launch of the bond loan. There is also a public exchange offer, up to 40 million euros (ten million more than initially), of the obligations of the previous bond loan (Obrigações Sporting SAD 2021-2024), with a repayment date of November 25, 2024, which have gross fixed interest rate of 5.25 percent.
As for the exchange offer, each 2021-2024 bond will correspond to a 2024-2027 bond, to which will be added a cash premium worth 7,802 cents.
In an operation coordinated by the Chinese bank Haitong, there are ten more entities through which bonds can be subscribed: Activobank, Banco LJ Carregosa, Banco Finantia, Banco Invest, Montepio, CaixaBI, Crédito Agrícola, Caixa Geral de Depositos, Banco BIC and Portuguese Commercial Bank.
With this operation, Sporting’s SAD intends to «obtain funds through recourse to the capital market, pursuing a strategy of diversification and optimization of Sporting SAD’s financing sources, which will be used to partially repay the bond loan called “Sporting SAD 2021-2024”, in the amount of €40,000,000, with repayment scheduled for November 25, 2024 and, in its remainder, to finance the current activity of Sporting SAD and reinforce liquidity”, and “the Exchange Offer aims to allow Sporting SAD to replace part of its debt maturing in 2024 with debt maturing in 2027».
