UniCredit Tiriac, a unit of Italy’s banking group UniCredit, plans to issue 50,000 bonds with a face value of RON10,000. The number of bonds might be increased up to 70,000 if the issue is oversubscribed, the lender said.
It said minimum subscription is of 50 bonds.
“The offer will be deemed successful if at least 70% of the targeted amount is subscribed,” the statement noted.
UniCredit Tiriac will use the proceedings to finance its operations.
“The bond issue represents a key element in the development of our long-term financing strategy,” said Rasvan Radu, chief executive of UniCredit Tiriac Bank.
The offer will take place between June 14 and June 21. Romanian brokerage SSIF Broker will be bookrunner on the deal. The bonds will be traded on the Bucharest Stock Exchange.
UniCredit Tiriac Bank reported a net profit of RON60 million in the first quarter, 166% higher on the year. Total revenue rose 16% to RON352.4 million. (EUR1=RON4.483)