March 31 (SeeNews) - Romanian agribusiness company Agricover Holding listed a 40 million euro ($46.9 million) five-year bond on the Bucharest Stock Exchange, the bourse said on Wednesday.
The issue of 800 euro-denominated bonds of 50,000 euro each bears a fixed interest rate of 3.5% per annum, the bourse said in a press release.
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Agricover Holding will use the proceeds of the issue to support the lending operations of its subsidiary Agricover Credit IFN SA, which is specialized exclusively in providing financing Romanian farmers.
The bonds were issued through a private placement in January.
Agricover is a distributor of agricultural technologies such as crop protection products, certified seeds, plant nutrition and fuel, with operations at a national level in Romania. Its major shareholder is Agricover Holding, with 99.99% ownership.
With over 20 years of experience in Romanian agriculture and 1,050 employees, the holding company supports more than 6,500 farmers through its two main subsidiaries Agricover and Agricover Credit IFN. In November, the European Bank for Reconstruction and Development (EBRD) said it is providing a 10 million euro senior loan to Agricover, the holding's flagship company. In 2017, the EBRD acquired a 13% stake in the holding company.
($=0.8521 euro)