“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 release reads.
Transelectrica’s net profit rose to RON162.3 million in 2013, from RON36.5 million in the previous year, while revenue fell 10% on the year, to RON2.46 billion.
Operating costs went down 16% to RON2.25 billion, and the operating profit rose 250% to RON207.8 million.
Last week, Transelectrica was placed under the authority of the government’s General Secretariat, which owns 58.68% in the company.
The company raised RON200 million via its issue in December at an annual yield of 6.1%. The five-year bonds are traded on the Bucharest Stock Exchange as of January.
Transelectrica’s shareholders approved an overall budget of up to RON900 million for potential bond issues in 2013-2017, both in lei and in foreign currency.
Wednesday, Transelectrica’s shares closed up 0.76% at RON15.85 in Bucharest, valuing the company at RON1.16 billion. (EUR1=RON4.4916)