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Romania: Romgaz to issue 500 million euro bonds in H1

In the first six months of 2024, Romanian gas company Romgaz plans to launch the first of the two 500 million euro bond issues, planned to mainly finance the Neptun Deep offshore project, according to the financial planning documents recently published and statements of the company’s management.

Romgaz Black Sea Ltd, Romgaz’s project company dedicated to the Neptun Deep project, has planned RON 3.06 billion (600 million euros) investments for the offshore project this year.

Romgaz will issue the bonds and finance Romgaz Black Sea via an interest-carrying loan.

“The interest rate related to the loan contracts in force is estimated at 7.5% per year. Starting from July 2024, the increase of the share capital of Romgaz Black Sea Ltd. with the value of these loans was foreseen,” according to the company’s financial planning document.

Planned investment in 2024 amounts to RON 4.7 billion (940 million euros) and will be financed from the company’s own sources with RON 2.2 billion.

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