Moroccan Maghreb Steel to issue $91 million bond
Thursday, 17 December 2015 08:59
On December 16, Moroccan securities regulator CDVM green-lit issuance of a $91 million bond by Moroccan steelmaker Maghreb Steel.
The transaction includes the issuance of 8,950 bonds at 100,000 dirhams each. It is to be subdivided into two installments respectively capped at 537 million dirhams and 358 dirhams. Subscription extends from December 21 to December 23.
The bond issuance is part of Maghreb Steel’s plan to restructure its debt as the firm currently goes through a financial crisis. The issuance will indeed allow for conversion of existing treasury bills into bonds, subsequently resulting in the desired restructuring.
Norton Rose Fullbright Morooco is Maghreb Steel’s law consultant for the transaction and BMCE Capital is in charge of financial aspect.
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