Bulgarian operator plans bond issue
Bulgarian Posts will attempt to raise EUR 15m through a bond issue. The company will offer the incentive, which has a five-year maturity, as a part of its development strategy, it announced during a news conference.
The organisation has already launched a tender to select the financial body that will lead the process.
The move forms a part of the plan to bring extra revenue to the company, after it declared a loss of 822,000 leva ($567,000) for the first nine months of 2010. This represented a 3.6m ($2.5m) leva drop year-on-year.
The company’s debt is now 30m ($20.7m) leva in total.
Bulgarian Posts said it will also seek to close up to 30% of its branches in a bid to cut costs. The operator will target branches situated in areas that are populated by fewer than 800 people.
