EBRD puts another 2.2m euro in BT shares

The European Bank for Reconstruction and Development (EBRD) will buy 2.2 million euros” worth of shares during the capital increase to be carried out this June by Banca Transilvania (BT) in order to retain its current stake of 15% and preserve its status as principal shareholder. The move will see EBRD buy 20.025 million shares with a par value of 4,000 ROL. Banca Transilvania will also release a bond issue to the tune of 25 million dollars (19.2 million euros). Eighty percent of the issue, which has a par value of 10,000 dollars/bond, will be bought by the International Finance Corporation, the World Bank”s investment arm. The remaining amount is to be acquired by BT shareholders and third parties. The bonds will come with a coupon payable every six months, calculated at the LIBOR for six months plus three percent. EBRD believes the capital increase will help BT maintain a fast growth after the bank posted better than expected results last year. ZF