IBS Group agrees on USD 20 million convertible loan with EBRD

IBS Group (IBSG:GR) reached an agreement with the EBRD on a convertible loan of USD 20 million, the company reports. The interest rate for the loan is LIBOR+3pp, with the loan maturing in 2014 and convertible into 700,000-900,000 IBS Group shares (3-4% of shares outstanding) at the market price upon expiration. IBS Group has an option to block the conversion by paying a conversion fee (size not disclosed).

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