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Tus & Andrijanic Advises JGL on Croatian Bond Issuance

Tus & Andrijanic Advises JGL on Croatian Bond Issuance

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Tus & Andrijanic advised JGL d.d. on its HRK 130 million issuance of corporate bonds in December, 2019. The agent for the issue was Privredna Banka Zagreb d.d.

The new bonds, which will mature in 2024, come with a fixed annual interest rate of 1.75%, which JGL describes as "significantly lower than the interest rate for existing bonds that mature in 2020, which is 5.8125%."

According to JGL, "this is the lowest interest rate for corporate bonds outside the financial sector in the history of the Croatian capital market. Holders of the existing bonds were offered the option to replace them with the new issue. Most of them accepted and sold 63.32% of old bonds for a total of HRK 83.2 million."

The order book was open for just under three days, during which time HRK 130 million was offered and issued. The bonds were listed on the Official market of the Zagrebacka Burza d.d. stock exchange.

The Tus & Andrijanic team was led by Partner Tomislav Tus.