Electricity and gas trading group GEN-I has announced that it has successfully completed the simultaneous issue of a bond and a commercial paper.
The issue of the bond has secured the company EUR 20 million, Nova Ljubljanska Banka (NLB) said on its website.
GEN-I issued a 45-month bond with an annual interest rate of 2.4% and a 360-day commercial paper with an annual interest rate of 1.1%, GEN-I said in a press release.
The purposes of the issue are the financing of the company’s short-term and permanent working capital, and the diversification of the structure of sources relative to bank lending, Slovenia-based energy trader noted.
Both issues were extremely well-received, as the value of binding offers from interested investors was twice as high as the planned amount of borrowing on the capital market, GEN-I said in the press release, adding that this also marks the first time that the Ljubljana Stock Exchange will list a bond issued by GEN-I.
NLB and Nova KBM provided all services for GEN-I and carried out the initial public offering (IPO) and issue of the bond and the commercial paper.
