September 13 (SeeNews) - The European Bank for Reconstruction and Development (EBRD) said on Thursday that it has invested 40 million euro ($46.7 million) in the 300 million euro five-year bond issue of Lithuanian retailer Maxima Grupe, which is active in Bulgaria through its T-Market brand.
"The proceeds of the bond will help Maxima Grupė to refinance short-term financing for the acquisition of Polish retailer Emperia Holding," the EBRD said in a press release.
Maxima Grupe has been actively expanding in Bulgaria throughout the past two years, opening 20 new T-Market stores and boosting its turnover by almost 50%, according to data from its local unit Maxima Bulgaria.
The bonds, which carry a fixed annual coupon of 3.25%, were purchased by more than 60 investors from 14 countries, as demand exceeded the amount of offered securities.
Maxima Grupe intends to list the issue on the Euronext Dublin and Nasdaq Vilnius securities exchanges.
Maxima Grupė is the owner of the Maxima retail chain in the Baltic States, the Stokrotka and Aldik chains in Poland, the T-Market chain in Bulgaria and e-grocer Barbora, which operates in Lithuania and Latvia.
($ = 0.8557 euro)