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Serbia’s state-owned Telekom Srbija plans to raise RSD23.5bn (€200mn) via a corporate bond sale to refund its debt and invest in improving its business, b92 reported on August 25.
In March, Serbia’s President Aleksandar Vucic said the government plans to provide state aid to power utility EPS, flag carrier Air Serbia and Telekom Srbija through subscription of a capital increase or purchase of corporate bonds.
The company plans to issue 2.35mn five-year corporate bonds with a nominal value of RSD10,000 each without publishing a prospectus.
The bonds will carry an annual coupon not higher than three-month BELIBOR plus 3.25 pp and will be sold to financial institutions in Serbia.
Telekom Srbija's shareholders will vote on the proposal at an extraordinary meeting on September 15.
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