Банкеръ Weekly



Lovech-based Boni Oborot Holding is preparing to launch an issue of corporative bonds worth BGN5MN. The 3-year securities will bear a fixed inteerst rate of about 10 per cent. They will be collateralized by assets of the holding, which is among the leaders in domestic meat industry. The issue will not be public, which is hardly a positive estimate of the capital market's potential. Talks have already been held with eventual buyers of the paper - banks and pension funds. An interesting fact is that companies from the non-financial sector have also showed interest towards the issue. The bonds will be issued after the completion of the fiscal year, which means that they will be probably launched next year. The holding's managers are convinced they would not have problems concerning the bonds' marketing, as their aggregate worth is modest on the background of the company's annual sales, which reach BGN90MN.The holding believes that thanks to the bonds is will manage to handle its money flows and the servicing of bank credits. By issuing the bond loan we'll fix for three years ahead the interest payments and we could work out our production programme at ease, insiders explain.Boni Oborot Holding owns six packing houses (in Karlovo, Lovech, Haskovo, Rousse, Velingrad, and Pravets); seven pig-breeding farms; a hybrid centre for pig-breeding in Shoumen, and two fodder mills in Stara Zagora and Bourgas. Four years ago it was the first local company to begin importing new breeds of pigs from Denmark, which were said to excel the Bulgarian animals in terms of all quality indices - precentage of red meat, amount of fodder needed per kilogramme of live weight, etc. The holding relies on these advantages in order to qualify for exporting its products.The company, which increased its equity capital from BGN56,000 ro BGN1,760,000 a year ago, is controlled by Borislav Nikolov.

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