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Bucharest municipality seeks to borrow 575 mln lei (121 mln euro) to refinance 2015 bond issue

Bucharest municipality seeks to borrow 575 mln lei (121 mln euro) to refinance 2015 bond issue

BUCHAREST (Romania), September 17 (SeeNews) - The Bucharest municipality said on Tuesday it is seeking to borrow 575 million lei ($134 million/121 million euro) to repay a 2015 bond issue.

The loan or bond issue can come from internal or external sources and must have a maturity of up to ten years, a draft document approved by the city council and posted on the municipality's website shows.

The draft shows that the Bucharest municipality should fully repay a 555 million lei five-year bond issue on May 4, 2020.

"We are now practically refinancing a loan from 2015, while in 2015 we refinanced a 2005 debt," Bucharest mayor Gabriela Firea said at the beginning of the city council meeting, as seen in a video streamed on the city hall's website.

Currently, there are three more Bucharest municipality bond issues trading on the Bucharest Stock Exchange, with maturities expiring in 2022, 2025 and 2028.

(1 euro =4.7352 Romanian lei)

 

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