BUCHAREST (Romania), March 4 (SeeNews) - Romania's Libra Internet Bank said that it will carry out the first private placement of bonds in its history by offering 10 million euro ($11.1) worth of debt paper, with a possibility of increasing the amount.
The bonds will be subordinated and will have a 10 years period to maturity, Libra Bank said in a press release on Tuesday.
"The coupon will be within the 4.5-5% range, but the final rate is going to be determined according to the interest expressed by the investors through the auction method at the Bucharest Stock Exchange and according to the bank's decision," Libra Internet Bank general manager Emil Bituleanu said.
The bond placement is scheduled to be completed by March 31, 2020, with a subsequent stock exchange listing envisaged. The broker will be Tradeville.
Libra Bank's net profit rose to 100 million lei ($23 million/21 million euro) last year, compared to 95 million lei in 2018.
Libra Internet Bank has a network of 55 branches in Romania, serving mostly customers with liberal professions, SMEs, as well as corporate and agribusiness clients.
The bank, a member of US-based investment group New Century Holdings since 2003, operates three IT centres in Romania - in Bucharest, Craiova and Cluj-Napoca.
(1 euro=4.8057 Romanian lei)