Romanian car rental company Autonom Services, controlled by local entrepreneurs Dan and Marius Stefan from Piatra Neamt, has raised EUR 20 million through a private bond placement. The European Bank for Reconstruction and Development (EBRD) announced that it invested EUR 4.5 million in this bond issue.

The bonds have a maturity of 5 years and an annual coupon of 4.45%. The bonds will be listed on the Bucharest Stock Exchange (BVB).

“We have participated in events organized by BVB, in recent years, getting closer to this community, especially after Autonom Services was nominated in the Made in Romania program, in 2017. In this context, we decided to diversify our funding sources and to increase the average maturity of our financing through a bond issue, thus becoming visible as an issuer on the capital market,” said Marius Stefan, co-shareholder and founder of Autonom International Group, which includes Autonom Services.

BRD and BT Capital Partners managed the bond issue and law firm RTPR Allen & Overy provided legal assistance. Autonom will use the new funds to expand its car fleet and meet increasing demand from local companies.

Autonom, founded in 2006 by two brothers, Marius and Dan Stefan, now has a network of over 40 agencies across Romania, subsidiaries in Hungary and Serbia and a fleet of 9,000 vehicles. It also provides short- and medium-term car rentals, chauffeur and shuttle services, equipment lease, road assistance, car-fleet management services, and used car sales.

In 2018, Autonom Services had consolidated operating revenues of RON 251 million (EUR 53.4 mln), and, in the first half of this year, the revenues reached RON 179 mln (EUR 37.7 mln).

editor@romania-insider.com

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