Chronostyle International operates the Cellini stores, one of the oldest networks of jewellery and watches stores in Romania.
The bonds have a face value of EUR1.6mn and will be traded on the Multilateral Trading System under the ticker symbol CELL25. The funds will support the expansion of the company’s chain and the increase of online sales.
Chronostyle International sold a total 16,000 corporate bonds, guaranteed and non-convertible in a private placement held in May 2020. The bonds have a nominal value of EUR100, a five-year maturity and a coupon of 7% per annum, payable on a quarterly basis. The issue is guaranteed with a real estate property in Bucharest with a market value of over EUR3 million.
CELL25 bonds are based on the restructuring of a series of bonds issued by the company in November 2017 with a total value of RON9 million and that was subscribed by 38 individuals and legal entities. The restructuring of the previous bond issue involved the change of the issuance currency from lei to euro, of the nominal value from RON100 to EUR100, of the maturity date from November 27, 2020, to May 27, 2025, of the principal from RON9 million to EUR1.6 million, as well as the pro-rata partial early repayment of the principal of the 2017 bond issue. The last coupon payment and the partial repayment of the principal were on May 27, 2020, which is considered the date of issue for the new bonds. Both private placements, in 2017 and 2020, were carried out with the support of BRK Financial Group.