Hidroelectrica issues 120m eurobonds

Hidroelectrica, Romania’s second-largest power producer is planning a 120m eurobond issue by June 2004, according to company officials. “We want the eurobonds to be released by June. The timing is tied to the rating process, which is about to be completed. The issue will account for 120m euros and will be done without State warranties,” said Nicolae Paunescu, head of Hidroelectrica secretariat general. Hidroelectrica’s bond issue was initially supposed to take place in August 2002, but was postponed, together with Transelectrica’s issue, as they were seeking cheaper lending. ZF