Parex looks to raise more capital

Feb 03, 2010
From wire reports

RIGA - Parex bank shareholders at an extraordinary general meeting on Jan. 29 approved a proposal to issue Eurobonds in the amount of 175 million euros, reports Nozare.lv. The largest deposit holders in Parex will be offered the opportunity to acquire the bonds using their deposits at the bank, in effect exchanging their deposits for shares in the new bonds. Each bond will pay an interest rate of 5 percent with a maturity of two years, with the bank having early redemption rights. The plan ...

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