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Romania's Norofert bonds to start trading in Bucharest on June 5

Jun 4, 2020, 4:48:08 PMArticle by Nicoleta Banila
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BUCHAREST (Romania), June 4 (SeeNews) - The Bucharest Stock Exchange (BVB) said on Thursday that the five-year corporate bonds issued by Romanian organic farming products maker Norofert Group in January will start trading on the BVB's multilateral trading system (MTS) on June 5.

Romania's Norofert bonds to start trading in Bucharest on June 5
Bucharest Stock Exchange (BVB)

The company bonds were bought through a private placement by 93 investors - 88 individuals and 5 institutional investors, the BVB said in a press release.

Norofert offered to investors 115,000 bonds of 100 lei ($23/ 21 euro) in par value each. The securities carry a fixed interest rate of 8.5% per annum with interest payments due semi-annually.

The company intends to use the attracted 11.5 million lei for expansion on the US market. Norofert also plans to use the proceeds of the bond placement for working capital needs to support the growing demand for its products and expand its portfolio of services and product lines.

Present on the market since 2000, Norofert is the main producer of organic fertilizers in Romania and holds about 30% of the local market of inputs for organic farming.

Norofert Group has currently three main business lines – Norofert Organics, which is a line of organic inputs for medium- to large-scale farming, Norofert Karisma, which is a line of fertilizers for large-scale conventional farming, and FITO, a hobby gardening line that also targets small-scale organic farmers.

(1 euro=4.8387 lei)

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