Alteo offers bonds, plans to purchase wind farms
Hungarian energy supplier and trader Alteo will publicly offer three-year bonds of at least a combined HUF 150m under a HUF 2bn note program announced in June, the company said on the website of the Budapest Stock Exchange on Monday.
The company is interested in acquiring two wind farms in Hungary, the business daily Világgazdaság reported on Tuesday, citing company CEO Attila Chikán.
Chikán said that Alteo is also interested in starting operations outside Hungary through the purchase a solar park in central Europe.
Alteo will on Tuesday launch the public offering of its 2014/D bonds in order to finance company initiatives. The next step could be a share offering but current macroeconomic and capital market conditions rather favor bonds, Chikán said.
The three-year bonds offered starting Tuesday will have a fixed yield of 12.37%, will have a run between November 23, 2011 and August 22, 2014.
Alteo will offer at least HUF 50m for subscription to retail investors between November 15 and November 21 and will offer a minimum of HUF 100m for institutional investors between November 15 and 17.
The best yield available at subscription will be 12.37% according to standardized yield calculations (EHM).
Alteo’s profits fell to HUF 3m in the first half of 2011, down from HUF 283m in H1 of 2010, as margins narrowed and revenue fell 10% to HUF 2.63bn during the period.
Alteo is a B-category issuer at the Budapest Stock Exchange.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.