Thursday, 11th May 2017, Velenje, Slovenia
Release of information about the new issue of Gorenje corporate notes
In relation to the company's public announcements dated April 6, 2017, April 14, 2017, and May 3, 2017, the company Gorenje d.d., Velenje (hereinafter also referred to as the Company or the Issuer), hereby informs the public that it has issued 5-year corporate notes with a fixed interest rate of 2.45% p.a. and total nominal value of EUR 19.5 million. The notes were issued in dematerialized form by registration to the note holders' accounts with the KDD (Central Securities Clearing Corporation d.d., Ljubljana), in compliance with the KDD rules. In the first offering, the notes were subscribed and paid up by 63 investors. As agreed with certain major investors who, for procedural reasons, were not able to subscribe and pay up the corporate notes by the subscription deadline, the Issuer shall start immediately after the issue of corporate notes the procedures for increase of the total nominal value of notes, thus allowing these investors to acquire the notes as well. After the planned increase of the corporate note issue, the Issuer will file with the Securities Market Agency a request for approval of the presentation document for regulated trading with the notes. When the decision on the approval of presentation document is issued, the notes will be listed on the regulated market of the Ljubljana Stock Exchange (Ljubljanska borza vrednostnih papirjev d.d., Ljubljana).
As a part of the procedure for the issue of corporate notes, the Issuer has also signed with some foreign investors draft agreements (or indicative offers) on direct financing via other financial instruments (Schuldschein loan). Based on these agreements, the Issuer expects to obtain debt financing under the terms comparable to the terms of the issued corporate notes, in the amount that is at least equivalent to the initially planned total nominal value of the corporate note issue.
The company Gorenje d.d. will use the funds raised by the issue of corporate notes with the symbol GV02 for further improvement of average maturity of financing sources, support to pursuit of the Gorenje Group 2016–20 Strategic Plan through planned growth of operations and further improvement of structure of sales (particularly in the segment of premium and innovative appliances), refinancing of a part of long-term financial sources, and finance expense optimization. With the second issue of corporate notes, Gorenje Group will further diversify its financing sources. Following the issue, debt financing in capital markets amounts to over EUR 103 million (EUR 63.3 million of long-term notes and EUR 40 million of commercial paper), which accounts for more than one quarter of the Group's total financial liabilities.
Gorenje d.d. authorized the company Nova Ljubljanska banka d.d., Ljubljana, for professional consulting and services with regard to the issue and offering of the corporate notes.
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