Romanian IT&C solutions provider sells EUR 1 mln bonds

Local company Bittnet Systems (BNET), a provider of IT&C solutions and training, has attracted RON 4.5 million (EUR 1 million) from investors through a five-year bond issuance with an annual interest rate of 9%. The bond offer was private, with underwritings from 19 investors. The nominal value of a bond amounted to RON 100 (EUR 22), with a maturity of five years and an annual interest rate of 9%, payable quarterly. The company will use the money to finance the purchase of Gecad Net, an IT integration company which it bought from Romanian investor Radu Georgescu. After the sale, Georgescu has become a shareholder in Bittnet. Bittnet Systems will begin the process of listing the bonds on the ATS market of the Bucharest Stock Exchange. The company is valued at RON 36 million (EUR 7.8 million) on the Bucharest bourse based on its shares’ last quotation. editor@romania-insider.com