June 29, 2017 / 2:27 PM / 5 months ago

Croatian utility sells 2nd tranche of local bond

ZAGREB, June 29 (Reuters) - Croatian utility Zagrebacki Holding on Thursday sold a second tranche of its seven-year bond worth 500 million kuna ($76.92 million) at a yield of 3.5 percent to maturity, the arrangers said.

The bond altogether amounts to 2.3 billion kuna. The first tranche, worth 1.8 billion kuna and yielding 4.35 percent, was issued last July. The bond carries a fixed annual coupon of 3.875 percent.

Zagrebacki Holding earlier said it would use the issue to refinance a 10-year bond worth 153.7 million euros ($171.4 million) which matures on July 10 and to finance the company’s capital projects.

The arrangers are the biggest local banks, Zagrebacka Banka, owned by Italy’s UniCredit, and Privredna Banka Zagreb, owned by Italy’s Intesa Sanpaolo. ($1 = 6.5003 kuna) (Reporting by Igor Ilic; Editing by Jon Boyle)

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