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Institutional investors subscribe HUF 772 mln in E-Star short-term bonds

Hungarian energy-efficiency company E-Star Alternative sold HUF 772 million in short-term corporate bonds to institutional investors during a subscription begun on June 27 and closed on June 29, the company reported on Wednesday evening.

E-Star noted that the 8.925% fixed-coupon bonds will mature on October 24, 2011. The best yield available during subscription was 8.9946% according to standardised yield calculations.

The company said that it will use the revenue from the issuance to fund short-term financing needs.

E-Star also reported on Wednesday evening that it will merge company units RFV ESCO Berhazo es Szolgaltato Kft and RFV Beruhazo Kft into new subsidiary called E-Star ESCO.

E-Star, which was known as RFV until early March, is an A-category issuer at the Budapest Stock Exchange.