EBRD Buys Romania's Transelectrica Bonds Worth 8.9 Mln Euro

The European Bank for Reconstruction and Development (EBRD) has bought bonds worth 40 million lei ($2.1 million/8.9 million euro) issued by Romanian power grid operator Transelectrica [BSE:TEL], the international lender said.

Transelectrica’s first lei-denominated bond issue totalled 200 million lei, as the book building process closed successfully on December 17 and the bonds started trading on the Bucharest Stock Exchange the following month.

"The funds will be used by the company to finance investments, as well as for refinancing certain financial obligations for the purpose of optimizing the financing structure of the Issuer and of diminishing the risks connected to the cost fluctuations and depreciation of the national currency," EBRD said in a statement on Tuesday.

The Romanian finance ministry owns some 59% of Transelectrica, which is among the 10 most liquid stocks on the Bucharest bourse and is included in its blue-chip BET index. Its shares were trading 0.06% up at 15.52 lei by 0900 CET on the Bucharest Stock Exchange.

Transelectrica's preliminary net profit jumped to 162.3 million lei in 2013 from 34.5 million lei a year earlier.

Source: SeeNews