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Croatia's JGL sells 130 mln kuna (17.5 mln euro) bond issue

Author Iskra Pavlova
Croatia's JGL sells 130 mln kuna (17.5 mln euro) bond issue Photo: All Rights Reserved

ZAGREB (Croatia), December 13 (SeeNews) - Croatian pharmaceuticals producer Jadran Galenski Laboratorij (JGL) said on Friday that investors have fully subscribed its five-year bond issue worth 130 million kuna ($19.5 million/17.5 million euro).

The bonds were sold at a price of 99.052% of par, JGL said in a statement.

They carry a fixed annual interest of 1.75%, payable semi annually. Yield on the issue is 1.95%.

Investors were able to subscribe for the bonds in the three-day period between December 11 and December 13.

JGL has said that the holders of its existing bonds which mature in 2020 can swap their securities for bonds from the new issue, or sell them back to the issuer.

In December 2015, JGL placed 200 million kuna worth of five-year bonds carrying a fixed interest of 5.8125%. The bonds were issued at a price of 99.839% of par.

The company swung to a consolidated net profit of 26 million kuna in the first half of 2019, from a 19 million kuna loss in the like period of 2018, as revenues rose faster than expenditures. JGL's largest markets in the January-June period were Ukraine, Bosnia, Belarus, Serbia and Russia.

Founded in 1991, JGL is one of the largest drug makers in Croatia, specialising in the production of sterile nose, eye and ear drop solutions.

(1 euro = 7.43966 kuna)