UNI - EN REPORT No3/2017
Pursuant to the provisions of the Code of the Warsaw Stock Exchange, Rules and Regulations of the Ljubljana Stock Exchange (Ljubljanska borza, d.d.), and the relevant legislation, the company Gorenje, d.d., hereby makes the following announcement:
Velenje, January 25, 2017 – In order to obtain funds for seasonal financing of its operations, Gorenje, d. d., successfully completed its fifth consecutive issue of commercial paper in the amount of EUR 40.0 million. The commercial paper with start of interest accrual period on January 24, 2017, and date of maturity on December 22, 2017, has the lowest interest rate to date, at 1.30 percent p.a. The issue contributes to the efforts to further cut Gorenje Group's finance expenses, and the substantial interest in commercial paper reaffirms investor confidence in Gorenje.
Commercial paper with the symbol GRV05 shall be registered, issued in dematerialized form in the central register of dematerialized securities kept by the KDD (Central Securities Clearing Corporation), in denominations of EUR 1,000, and it shall be freely transferable. The liabilities arising from commercial paper are backed by Gorenje's entire property; there is, however, no separate underlying collateral. Commercial paper will be traded in the regulated market of the Ljubljana Stock Exchange. In the first subscription round, commercial paper was subscribed and paid for by 74 investors, in the combined total amount of EUR 59.5 million. Due to excessive subscription, commercial paper was allocated proportionally to all subscribing investors who thus paid in the commercial paper in total nominal value of EUR 40.0 million.
Several financial institutions, enterprises, and individual investors have demonstrated their confidence in Gorenje by subscribing the GRV05 commercial paper. The initially planned second round of subscription shall not take place as the entire amount of the issue has already been subscribed in the first round.
The purpose of the commercial paper issue is to diversify the short-term financing sources, financing of operations with a pronounced seasonal dynamic, and optimization of financing costs.
All services and activities regarding the organization and progress of the offering and issue of commercial paper in dematerialized form, registration in the central register of KDD, and listing in the regulated market, are rendered by the company Alta Invest, d.d.
The information included in this announcement will be available at the official website of the company Gorenje, d.d., Velenje, at www.gorenjegroup.com, for a period of no less than 5 years from the date of announcement.
Gorenje, d.d., Management Board
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