May 11 (SeeNews) - Slovenian white goods maker Gorenje [LJE:GRVG] said on Thursday it has issued 5-year corporate notes with a fixed interest rate of 2.45% annually and total nominal value of 19.5 million euro ($21.2 million).
In the first offering, the notes were subscribed and paid up by 63 investors, Gorenje said in a Ljubljana bourse filing.
"As agreed with certain major investors who, for procedural reasons, were not able to subscribe and pay up the corporate notes by the subscription deadline, the issuer shall start immediately after the issue of corporate notes the procedures for increase of the total nominal value of notes, thus allowing these investors to acquire the notes as well," the company noted.
As a part of the procedure for the issue of corporate notes, Gorenje noted it has also signed draft agreements with a few foreign investors on direct financing via a Schuldschein loan.
"Based on these agreements, the issuer expects to obtain debt financing under the terms comparable to the terms of the issued corporate notes, in the amount that is at least equivalent to the initially planned total nominal value of the corporate note issue", it said.
The company said it will use the funds raised by the issue of corporate notes towards the improvement of average maturity of financing sources, refinancing of a part of long-term financial sources, and finance expense optimisation.
With the second issue of corporate notes, Gorenje said it will further diversify its financing sources.
Following the issue, debt financing in capital markets amounts to over 103 million euro, which accounts for more than one quarter of the group's total financial liabilities.
Earlier this month, Gorenje said it plans to offer to investors a new issue of commercial paper valued at approximately 40 million euro, to improve its finances.
($=0.9211 euro)
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