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E-Star offering four series in new bond issue

Hungarian energy efficiency company E-Star Alternatív is offering four bond series, to a minimum of HUF 100 million each, for subscription starting next Tuesday.

The bonds are part of a HUF 10 billion bond program E-Star launched last September.

E-Star, which was known as RFV until early March, is offering HUF 100 million in fixed-rate bonds expiring on February 12, 2015 carrying a 10.24% coupon, paid annually for retail investors, and another HUF 100 million of a same-condition bond to institutional investors.

The maximum yield available at subscription is 10.27%, according to standardized Hungarian yield calculations.

The company is also offering HUF 100-HUF 100 million of two floating rate bonds to institutional investors, with both bonds paying interest twice a year, with the floating rate pegged to the six-month Budapest interbank offered rate BUBOR.

One of the bonds expires on February 12, 2015 and the other one expires on May 30, 2016.

The interest period of the bonds offered to institutional investors will start on May 30, while that for the retail bond will start on June 7.

The institutional subscription will end on Thursday, while the retail subscription will end on June 3.

The company has issued nearly HUF 5 billion in bonds under the bond program.

E-Star is an A-category issuer at the Budapest Stock Exchange.