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Wingholding launches EUR 100 mln corporate bond program

Hungarian property developer Wingholding on Tuesday announced the launch of a EUR 100 million corporate bond program for 2019-2020. It could list the bonds on the Budapest Stock Exchange (BÉT), reported state news wire MTI.

Wingholding will issue a number of series of bonds, denominated in either euros or forints, with runs of between three and ten years, paying fixed or floating rates. The issue cap is EUR 100 mln, but the company is making no commitment to issue that amount.

Wingholding says it will use the proceeds from the program to complement bank financing for its investment and development projects, as well as to optimize its capital structure.

Wingholding announced in June plans to launch the program. At the time, the company said its 2018-2019 bond program would wind up with the expiry of 26,226 bonds with a nominal value of EUR 1,000 apiece on June 23, 2019.