“Hidroelectrica prospected the capital market and received non-binding bids from several external financing banks,” Hidroelectrica’s General Manager, Traian Oprea, told Business Standard. Offers are confidential.
Listing the company on the Bucharest Stock Exchange for bond issue on foreign capital markets will take place after the corporate bond issue. “This is due to the fact that Hidroelectrica must first be listed on external markets, requiring information on the company, so that potential investors get a chance to acquaint themselves therewith,” added Oprea.
The company official also indicated that amounts attracted would be used to finance development projects. He stressed that Hidroelectrica could initiate the selection process and prepare the necessary documentation by the end of this month, provided approvals are received from the Ministry of Economy and Finance. Hidroelectrica currently has a BB positive rating from Standard and Poor’s, Ba1 stable from Moody’s, and the company hopes that these ratings will improve based on economic and financial evaluation the two agencies carried out this year.
