BUCHAREST (Romania), April 21 (SeeNews) - Corporate bonds issued by Romanian electricity and natural gas supplier Restart Energy One in February started trading on the multilateral trading system (MTS) of the Bucharest Stock Exchange (BVB), the bourse said on Wednesday.
The funds raised at the beginning of this year through a private placement will be used for the development and acquisition of renewable energy production assets, the bourse said in a press release.
The 16.3 million lei ($4 million/ 3.4 million euro) issue of five-year bonds bears an interest rate of 9% per annum, payable semi-annually. It consists of 163,612 bonds of 100 lei in par value each. The bonds are convertible into shares starting with 2024 and can be redeemed early starting with the third year.
"For Restart Energy One, the investors' trust in subscribing to our first bond issue is honorable and confirms the healthy direction in which the company is heading. Today, by listing these bonds, we conclude a first chapter of our entry into the capital market. The company's future plans include a much stronger presence on Bucharest Stock Exchange, which we see as a strong partner, which will support us in executing our business strategy, both nationally and regionally," Restart Energy One CEO Armand Domuta said.
Established in 2015, Restart Energy is part of Armand Group controlled by Romanian businessman Armand Domuta. The company provides an annual volume of approximately 145,000 MWh, less than 1% of the total volume distributed on the Romanian market. The company has operations in Romania and Serbia and, starting with this year, aims to develop in several other European markets, including Germany and Spain.
In January, the company said that it plans to grow its revenues by over 83% in 2021, to 220 million lei, and double the number of individual customers to 65,000.
(1 euro=4.9260 lei)