January 13 (SeeNews) - Slovenian white goods maker Gorenje [LJE:GRVG] said on Friday it is planning a fifth issue of commercial papers valued at approximately 40 million euro ($42.5 million) to accommodate its seasonal requirements for financing.
The start of the interest accrual date will be January 24, while the papers will mature on December 22 this year, Gorenje said in a filing to the Ljubljana bourse.
"Gorenje will use the proceeds from the commercial papers issue for diversification of short-term financing, primarily for financing the seasonal operations, in accordance with the interim cash flow dynamics, and optimization of funding costs", the company explained.
In December, Gorenje announced it paid out 28.9 million euro to the holders of maturing commercial paper issued in February.
Activities regarding the new issue and offering will be managed by the company Alta Invest.
($=0.940227 euro)
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