LJUBLJANA (Slovenia), December 22 (SeeNews) – Slovenian home appliances manufacturer Gorenje [LJE:GRVG] said on Friday it will start, at the beginning of 2018, preparations for placing a new issue of commercial paper to accommodate its seasonal financing requirements.
Gorenje will launch pre-issue activities in the capital market, with the subscription and payment for new commercial paper planned to take place by the beginning of February 2018, the company said in a filing to the Ljubljana bourse.
The anticipated volume of the new issue shall be similar to this year's issue of 40 million euro ($47.4 million).
"The purpose of the commercial paper issue is to diversify the short-term financing sources, financing of operations with a pronounced seasonal dynamics, and optimization of financing costs," Gorenje noted.
Gorenje also on Friday said it has paid out the holders of its commercial paper issued on January 24, 2017.
The commercial paper issue, with a face value of 40 million euro, matures on December 22 and carries an interest rate of 1.30%.
The company said last month it appointed Rothschild S.p.A., Italy, as its financial advisor in its search for a strategic partner.
Gorenje hopes that with the help of a strategic partner it can pursue the growth of business, strengthen brand power, access prime distribution channels, accelerate product innovation and business digitalisation, it said earlier.
In November last year, Japan's Panasonic decided not to increase its stake of 10.74% in Gorenje.
($=0.843804 euro)
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