Patriciu, seeking buyers for eurobonds

Rompetrol’s eurobonds issue, ranging between 100-150 million euros, will most likely be subscribed by about 20 investors, investment funds, banks and pension funds. The bonds will mature in five years and the interest rate is being negotiated with potential buyers, Dinu Patriciu, chairman and the main shareholder of Rompetrol, told the meeting of the General Assembly of Shareholders (AGA), which approved the launch of the eurobond issue.

Patriciu specified that part of the foreign investment funds that want to buy bonds are currently shareholders of Rompetrol Rafinare (Petromidia Refinery) as well, with stakes below 1%.

“We have been talking to several dozens of European investors and the climate is quite favourable to Romania. As regards us, being the only Romanian company to issue bonds during this period, we stand high chances of success,” Patriciu said.

He specified that, depending on market conditions, the issue could be launched at any time during the following three, four months. This first issue is to be followed by a second one, most likely early next year. “The money will be a safety net for the company. We are not in urgent need of money and therefore we will not hurry to go on the market in any conditions. The raised money will be mainly aimed at investments, but we are not ruling out the possibility of temporarily using part of it to finance labour capital,” Patriciu stated.

Rompetrol has recently announced an investment plan worth about 224 million dollars along three years: $71.5 million will be directed to refining operations, 113 million dollars will go to distribution and retail, and 45 million dollars will target petrochemical operations.

laurentiu.ispir@zf.ro