Benfica wants to issue 35 million in debt for retail. Offers 5.1% interest – Bonds

Benfica wants to issue 35 million in debt for retail. Offers 5.1% interest – Bonds
Benfica wants to issue 35 million in debt for retail. Offers 5.1% interest – Bonds
-

Benfica wants to issue 35 million in debt for retail. Offers 5.1% interest

The eagles announced this Wednesday a new issue of bonds with a term until 2027. At the same time, they also want to exchange bonds that had been placed in 2021.

Benfica wants to issue 35 million euros in new debt to retail investors. The placement is of three-year bonds (2024-2027) that will pay an interest of 5.1%. In addition, it is also proposed to exchange bonds that had been issued in 2021, reached their deadline this year and yielded a rate of 4%.

“The subscription offer is aimed at the public, specifically targeted at natural or legal persons residing or having an establishment in Portugal”, explains SAD Benfica, in the prospectus of the operation available at the Securities Market Commission (CMVM).

At stake are up to seven million bonds, with a nominal unit value of five euros. Each subscription order must refer to at least 500 Benfica SAD 2024-2027 Bonds, that is, 2,500 euros and, from this minimum amount, each subscription order must refer to multiples of a security. “The subscription offer aims to obtain funds through recourse to the capital market, to repay the bond loan called “Benfica SAD 2021-2024″, in the amount of €35,000,000, issued on July 28, 2021 and with repayment scheduled for July 28, 2024 and, in its remainder, if applicable, to the development of Benfica SAD’s current activity, as well as the diversification and optimization of financing sources and reinforcement of liquidity”, indicates the club.

At the same time, a public exchange offer will also take place with the purpose of up to seven million bonds of this line. Bondholders who hold bonds maturing in July can thus exchange them for new ones, receiving in return, a Benfica SAD 2024-2027 Bond and the interest accrued since January 28, 2024, inclusive, up to the date of issue, exclusively, in the amount of 0.04778 euros for each one.

“The exchange offer aims to allow Benfica SAD to replace part of its debt maturing in 2024 with debt maturing in 2027”, add the eagles, highlighting that, if the global net revenue is insufficient to repay the total loan, Benfica will secure the remaining amount using its own funds.

The initial global nominal value of the offers is 35 million euros, an amount from which coordination and assembly commissions, payable to the global coordinator, and placement commissions, payable to the placers and respective taxes, will be deducted, in the estimated global amount of approximately 1,033,500 euros, as well as costs with consultants, auditors and advertising, in the aggregate amount of approximately 211,750 euros, and costs with the CMVM, Interbolsa and Euronext, which are estimated at around 35,580 euros.

Thus, Benfica SAD’s net global revenue will amount to an estimated value of 33,719,170 euros. The number of Benfica SAD 2024-2027 Obligations may, however, be increased until April 17th.

The deadline for both offers starts at 8:30 am next Monday, April 8th, and ends at 3 pm on April 19th. After that, the date of the special session to determine the results will take place on April 22, settlement and admission to trading are scheduled for two days later.

Stock Exchange Cauldron To participate in the discussion thread dedicated to Benfica, click here

The article is in Portuguese

Tags: Benfica issue million debt retail Offers interest Bonds

-

-

NEXT Want to see the Cybertruck? Tesla brings pickup to Portugal in May