Romanian online retailer raises EUR 1.6 mln in bond issues

Romanian company Elefant Online, which operates the elefant.ro online store, one of the biggest on the local market, raised a RON 7.65 million (EUR 1.64 million) financing through a bond issue addressed to only a limited number of qualified investors. The offer was 32% oversubscribed and the company decided to increase its value from RON 5.8 million, according to local brokerage firm Tradeville, which managed the offer. Moreover, the company and its broker decided to close the offer four days earlier than the date announced initially (September 25), due to the high demand. The Elefant bonds have a maturity of three years and pay an interest rate of 9% per year. The bonds will be listed on the Bucharest Stock Exchange in the following period. Elefant Online recorded sales of RON 131 million (EUR 28.7 million) in 2017, according to data from the Finance Ministry. editor@romania-insider.com