Rompetrol Issues Bonds Worth 250 Million Euros

The first issue of Eurobonds Rompetrol performs will have a cap value of 250 million euros. Te funds thus raised will go for infrastructure investments and for reimbursing debts the companies making the Ronpetrol Group have. The shareholders of Rompetrol Refinery, that is of the Petromidia plant, are called to assemble on July 8th to approve the financial solution put forth in order to finance the Rompetrol Group of companies. The mother-company, Rompetrol Group NV Holland, will issue Eurobonds maturing in 2009 to that end. Another topic to be decided upon is granting approval for Rompetrol Refinery to be placed as warranty for the bonds’ issue. The other companies to jointly warrant the issue of bonds will be Rompetrol SA, Rompetrol Downstream, Rompetrol Petrochemicals, and Rom Oil.

"The bond issuer intends to transfer the money thus raised to members of the Rompetrol Group, with the aim to invest them in the infrastructure, to use them for other general corporate needs of the companies in the Rompetrol Group, and to reimburse the current debts these companies have," says the call for the general assembly of the shareholders issued by its governing board. The investment bank JP Morgan was selected as sole administrator of the bonds’ issue. An international rating company will rate Rompetrol prior to the issue of bonds. As for the debts the group still has, the Executive last October approved by Emergency Ordinance for Rompetrol Refinery - Petromidia plant to pay its 603 million dollars debt to the state budget by way of bonds’ issue.
The bonds will mature in seven years. Petromidia borrowed another 130 million dollars this year to finance its oil import. (Mediafax news wires)