OREANDA-NEWS. April 12, 2010. The subscription period of AB „Snaige“ convertible bonds with maturity of 368 days and annual interest rate of 10% has ended. During the subscription period 61 372 units of bonds with nominal value of 100 EUR per bond were subscribed by owners of AB “Snaige” bonds issued in 2009 choosing to refinance their securities. In total bond holders have refinanced 73% of bonds issued in year 2009.

Investors who owned 8 430 units of year 2009 convertible bonds LT1000401174 chose to convert securities into ordinary shares of AB “Snaige“. These investors in total will be provided with 2 908 350 ordinary shares of AB „Snaige“ with nominal value o fone share equal to 1 LTL, by increasing company‘s subscribed capital with a corresponding value. In total bond holders have converted 11% of convertible bonds issued in year 2009.

Part of the bonds issues the owners of which didn't agree to refinance or convert owned securities was not redeemed. Due to financial loss incurred in year 2009 the company didn't generate sufficient amount of funds needed for redemption and due to the frozen credit markets of the region needed funds were not possible to be borrowed from outside sources.

The company will provide holders of non-redeemed bonds with proposals regarding liquidation of formed indebtedness as soon as possible.