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Spar announces Euro 100 mln bond issue

Hungary's Spar supermarkets will issue bonds worth Euro 100 million to finance investments, chairman of the board of Spar Magyarország Kereskedelmi Kft Peter Feiner said on Wednesday. Half of the five-year bonds will be issued in euros and the other half in forints. The euro bonds will carry 3.75% interest, the forint bonds 7%. Spar Magyarország plans to spend upwards of Ft 10 billion a year over the next 3-5 years to open 15-20 supermarkets and 3-5 hypermarkets each year. It aims to have 35-40 hypermarkets and 200-250 supermarkets in Hungary by the end of the period. (Econews; NG 4)