April 18 (SeeNews) - Croatian pharmaceuticals and cosmetics producer Jadran Galenski Laboratorij said it plans to issue on Wednesday a sophomore tranche of corporate bonds to refinance and repay existing debt.
The bonds will have a denomination of 1.0 Croatian kuna ($0.1948/0.1358 euro) each with a variable interest rate and will mature in 2016, the company said in statement posted on the website of the Zagreb Stock Exchange (ZSE) on Friday.
Jadran Galenski Laboratorij (JGL) issued its first corporate bond in June 2007 in the amount of 125 million kuna.
The company did not give a figure for the number of bonds that will be issued but Zagreb-based news daily Poslovni Dnevnik (www.poslovni.hr) reported on Monday that the bond will be worth 150 million kuna.
JGL said the bulk of the proceeds from the new issuance will be used to refinance its existing corporate paper while the remainder will be allocated for the repayment of a loan from local state-owned development bank HBOR.
JGL (www.jgl.hr), set up in 1991, is based in Rijeka, on the northern Adriatic coast. Its product range includes some 160 products carrying its own trademark or other private trademarks.
(1 euro = 7.3589 Croatian kuna)