During the public offer carried out from April 2 to April 15, Bittnet Systems issued 66,249 unsecured bonds with a par value of 100 lei each, the BVB said in a press release.
The bonds will mature in April, 2028 and have an annual interest rate of 9%.
"We have turned to capital market mechanisms for a new round of financing, alongside bank lending resources, to secure the funds needed to deliver significant projects. In Q1 2024, we registered a very active start to the year, with a contract backlog of approximately RON 260 mn. Considering the current pipeline, we consider this to be the busiest first semester from this point of view. Billing and recognition of revenues from these projects will take place, after their completion, most likely in the second part of this year," Bittnet CEO Mihai Logofatu said.
In the first quarter of 2024, Bittnet Systems posted a consolidated net loss of 9.7 million lei, widening from a net loss of 2.7 million lei a year prior, due to a general decrease in revenues, it said in a financial report filed earlier this month with the BVB. Consolidated revenues declined by an annual 18% to 44.1 million lei in the first quarter due to the company becoming more selective regarding the projects it picks up, Bittnet explained.
Bittnet has three other bond issues already trading on the BVB - one euro-denominated [BSE:BNET26E] and two leu-denominated [BSE:BNET27A], [BSE:BNET28]. Together, the four bond issues are worth around 31.6 million lei. The new bond issue is Bittnet’s ninth since the company's listing on the BVB.
On May 17, Romanian cybersecurity company FORT [BSE:4RT], part of the Bittnet Systems group, started trading on AeRO, the alternative trading segment of the Bucharest Stock Exchange, the bourse said in a press release last week.
Founded in 2007, Bittnet is an IT solutions and training group comprising sixteen companies. It runs nine commercial brands split across four business lines - education, digital infrastructure, cyber security, and software.
Bittnet Systems' shares traded 0.45% lower at 0.22 lei as at 1313 CET on Thursday on the BVB.
Shares in FORT changed hands 0.41% higher at 48.8 lei as at 1409 CET on Thursday on the AeRO market of the Bucharest bourse.
