Norofert, the leading producer of organic agricultural inputs and biotechnology provider for Romanian agriculture, listed on the Bucharest Stock Exchange's AeRO market (BVB symbol: NRF), said it completed a new bond issuance worth RON 6.95 million. These bonds will be listed on the Bucharest Stock Exchange's SMT (AeRO market) under the symbol NRF29, with the public offering intermediated by TradeVille S.A.

The new issuance includes 69,503 nominal, dematerialized, unconditional, unsecured, non-convertible bonds, each with a nominal value of RON 100, offering investors a fixed coupon rate of 10% per year, payable semi-annually. 

The bonds have a five-year maturity, due in 2029, with early repayment possible at a "clean" price of 101% in the second year and 100.5% in the third year, providing flexibility for investors, the company said.

The funds raised will be used to expand the irrigation system at the Zimnicea farm, accelerate development in external markets like the US and Brazil, where Norofert entered this year, and repay previously issued bonds due in 2025.

Vlad Popescu, Chairman of Norofert's Board of Directors, said: "We thank our investors for their trust. This is the second bond issuance by Norofert, an important step given the challenging period for Romanian agriculture and the local political context. Although we did not reach the initially proposed threshold, we consider this public offering a success."

In the first nine months of 2024, Norofert reported a turnover of RON 35.5 million, a 10% increase compared to the same period last year. The growth was supported by production and sales of agricultural inputs, including results achieved in the US.

The company also had a net profit increase of over 24%, reaching RON 1.4 million in the first nine months of 2024.

Norofert is a leader in regenerative agriculture research and one of the largest producers of inputs in Romania, founded in 2000 by the Popescu family. With a mix of business lines, the company has developed its own production capacities in both inputs and agricultural farming, with plans for further development in the coming years. It offers 65 products, serving both conventional and organic farmers, with growing demand for a new niche of liquid conventional products.

Since 2020, the company has been listed on the Bucharest Stock Exchange's AeRO market, and since October 2021, Norofert's shares have been included in the BETAeRO index. 

Over the past four years of capital market activity, Norofert has raised RON 14 million through capital increases and RON 11.5 million through a private placement of corporate bonds. The company's corporate bonds are traded on the Bucharest Stock Exchange's AeRO market under the symbol NRF25 since June 5, 2020.

irina.marica@romania-insider.com

(Photo source: the company)