The issue, which offers investors returns of 6.1% per year, was launched December 11 and was scheduled for completion Wednesday.
“Transelectrica’s bond offer was oversubscribed, thus becoming an important mark for similar issuers,” said Stefan-Doru Bucataru, chief executive of Transelectrica.
He didn’t say how many applications were received.
Transelectrica will use the proceeds to refinance older loans and replenish its investment funds. The power grid operator hired local lender BCR to assist with the offering.
The five-year bonds will be traded on the Bucharest Stock Exchange.
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.
The company is majority-owned by the Finance Ministry, which controls 58.69% of the shares. Other shareholders include investment fund Fondul Proprietatea (FP.RO), with a 13.5% stake, and regional investment fund SIF Oltenia (SIF5.RO), with 6.3% of the shares.
Tuesday, Transelectrica’s shares closed down 0.14% at RON14.72 in Bucharest, amid a slightly declining market. (EUR1=RON4.4643)