Romanian electricity transport operator Transelectrica launched a bonds issuance on Wednesday (December 11), hoping to raise some EUR 45 million. The company plans to use the funds for expanding and consolidating its electricity network and refinance existing loans.

The nominal value of the bonds will be of RON 10,000, without subscription limits. The interest rate will be publicized two days before the offer closure date of December 18, and will stay between 5.4 and 6.4 percent.

The broker for this issuance is BCR, which, at the end of the offer, will buy the bonds which were not subscribed, if any.

Transelectrica plans to list the bonds on the Bucharest Stock Exchange as soon as possible after the issuance.

The state controls Transelectrica with a 58.7 percent of the shares via the Public Finance Ministry, while investment fund Fondul Proprietatea has a 13.5 percent share package, and SIF Oltenia, some 6.8 percent. Transelectrica, listed on the Bucharest Stock Exchange, has a capitalization of about EUR 240 million.

editor@romania-insider.com