PETROL LAUNCHES BONDS WORTH BGN25MN
The Management Board of the top Bulgarian fuel distributor Petrol AD decided has decided to launch two 5-year issues of corporate shares worth a total of BGN25MN. The first one of them will be worth between BGN10-15MN. ING Bank N.V. will be the underwriter of the issues. Investors may subscribe for it as of November 20. The second issue will be launched between February 20 and November 2004. The nominal value of the paper will be BGN1,000 par bond and its issuance value will be BGN999.80 apiece. It will bring an annual yield of 8.375%, payable each six months. By the bond issue the company will finance the modernization of 30 petrol stations, the construction of greenfield trade facilities, as well as the establishment of the most moderm lab in the Balkans for controlling the quality of fuel. At their extraordinary general meeting on September 5 Petrol's shareholders authorized the company's Management Board to make decisions for issuing 5-year bond issues, worth up to BGN100MN. The biggest corporate bond issue in Bulgaria was that launched by Overgas in April, 2003. It was worth BGN20MN, yielding 10% annually.