December 22 (SeeNews) - Slovenian white goods maker Gorenje [LJE:GRVG] said on Thursday it paid out 28.9 million euro ($30.2 million) to the holders of maturing commercial paper issued in February.
Gorenje repaid commercial paper GRV04, maturing on December 22 , with a total face value of 28.9 million euro and an interest rate of 2.00%, the company said in a filing to the Ljubljana bourse.
"The purpose of the issue of commercial paper was to diversify the sources of short-term financing and especially seasonal financing of operations, consistently with the annual cash flow dynamics, and to optimize the finance expenses", Gorenje explained.
The company will start preparations for a new commercial paper issue at the beginning of 2017, to accommodate its seasonal requirements for financing. The anticipated volume of the issue shall be up to 40 million euro.
"To this end, the company will start, after the release of this notification, the pre-issue activities in the capital market (market sounding), which will be followed by the offering process to be completed with subscription and payment for new commercial paper, which is planned by the end of January 2017", Gorenje said.
Gorenje's shares were traded at 5.815 euro as at 1502 CET on Thursday, down 0.62% from Wednesday's close.
($=0.956891 euro)
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