Azerbaijan Caspian Shipping Company (ASCO) CJSC is preparing to place bonds worth $50 million on the Baku Stock Exchange (BSE) CJSC, Report informs referring to the securities issue prospectus.
According to the document, these are 50,000 interest-bearing, unsecured, book-entry, registered bonds with a par value of $1,000 each. The securities will be in circulation for five years. Their annual return is 6%. Interest will be paid semiannually.
The underwriter of the process is CJSC PASHA Capital Investment Company. However, persons wishing to buy bonds can also contact other investment companies that are members of the BSE.
The bonds will be placed by open subscription. The issuer doesn’t provide for the repurchase of securities during the circulation period, but two years before the end of the circulation period, the issuer receives the right to repurchase bonds from investors at par value.
On March 3 of this year, ASCO placed bonds for $100 million under the same conditions. Investors submitted 125 bids for $113.997 million. Some 89.1% of applications came from legal entities and 10.9% from individuals.
