Romanian online retailer aims to raise EUR 1 mln in bond issue on local market

Local company Elefant Online, which operates the elefant.ro online retailer, could launch a bond issue to draw a financing of some EUR 1 million. The bond placement will be addressed to a number of up to 149 individuals and companies, other than qualified investors, local Economica.net reported. The bonds will have a maturity of minimum 3 years and pay a maximum coupon of 9% per year. The retailer’s shareholders have approved this operation which will be carried out when the company will consider it best, according to elefant.ro CEO Sergiu Chirca. The bonds will also be traded on a market operated by the Bucharest Stock Exchange. Elefant Online, which is controlled by investment fund Fribourg Capital, had a turnover of EUR 28 million and losses of EUR 4.6 million in 2017. editor@romania-insider.com