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Croatia's JGL to open subscription for up to 17.5 mln euro of 5-Y bonds on Dec 11

Author Iskra Pavlova
Croatia's JGL to open subscription for up to 17.5 mln euro of 5-Y bonds on Dec 11 Photo: All Rights Reserved

ZAGREB (Croatia), December 9 (SeeNews) - Croatian pharmaceuticals producer Jadran Galenski Laboratorij (JGL) said on Monday it will open the subscription for its planned five-year bond issue of up to 130 million kuna ($19.4 million/17.5 million euro) on December 11.

The subscription period will close on December 13 when the final price and the overall amount of sold bonds will be announced, JGL said in a statement.

The nominal value of each bond will be 1.0 kuna. Investors will be able to place single bids for at least 10,000 bonds.

The securities will be issued on December 18, 2019 and will mature on December 18, 2024.

Coupon on the bond, which will be determined at the time of the sale, will be payable twice a year.

The holders of JGL's 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 bearing a fixed interest of 5.8125%. The bonds were issued at a price of 99.839% of par.

The company turned 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 = 7.43869 kuna)