Azerbaijani Corporation “Akkord” completely redeems bonds
Baku, Azerbaijan, Nov. 8
Trend: "Akkord" Corporation redeemed the full value of bonds issued by it for the first time, the company's message published on Nov.8 said.
The term of circulation of the bonds issued in 2010 expired on Nov.7 2013. in accordance with the conditions of the issuing, the "Akkord" Corporation redeemed the value of the bonds in circulation.
The par value of each issued bond amounted was 1,000 manat, and the total par value of all bonds was 50 million manat with profitability of 12.5 per cent per annum. Totally, some 50,000 bonds were issued. The term of bonds' circulation replaced through mass proposals was three years. According to the message, the successful experience of replacement of the first issuing solidified the intentions of the "Akkord" Corporation to use this way of borrowing further.
The official exchange rate on Nov.8 is 0.7843 AZN/USD.