Банкеръ Weekly



Petrol AD is going to launch a eurobond issue of EUR125MN total face value and 5-year maturity, the shareholders decided at the company's general meeting held on May 8. The issue will be used for refinancing an existing secured debt and for covering capital expenses. The bonds will be ordinary, unregistered, freely transferable, denominated in euro and yielding a fixed interest rate. They will be placed on an international primary market and will be traded on a stock exchange in a European Union member state. The London-based ING Bank is the lead manager of the issue and Naftex Petrol EOOD, Petrol AD subsidiary, is the guarantor for its placement.
Petrol AD Managing Board is authorized to approve an international prospect for the eurobond issue as well as to specify all additional parametres such as interest rate, method of calculation and interest payment, terms of issuance and repurchase, etc.
At the ordinary general meeting scheduled for June 5 the shareholders will vote for authorizing the Managing Board and the Executive Director to sign agreements for trading shares or stakes of the capital of Naftex AD football club, Vratsata OOD, Transloto AD, Eurocapital Bulgaria EAD, Petrol Cart Service EOOD, Petrol Engineering AD, Varna Business Services OOD, BPI EAD, Petrol Storage EOOD and Petrol Trade. The shareholders will also take a decision on the distribution of the 2005 financial result. The last date on which voting shares of the company can be traded on the stock exchange is May 18, 2006. Petrol reported a BGN4.35MN profit for the first quarter of 2006, up from BGN33,000 for the same period of 2005.

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