Podravka issues the fourth tranche of commercial papers - the cheapest form of kuna financing in the Republic of Croatia

Podravka has issued the fourth tranche of commercial papers to the amount of 20 million kuna. The nominal yield amounts to 2.85%, which is the cheapest form of kuna financing in Croatia. The tranche falls due on 06 March 2003.

Nevenka Cerovsky, member of the Management Board of Podravka d.d. responsible for finances, stressed: “By issuing commercial papers, Podravka has replaced short-term loans and lowered the costs of financing, and the issuing of this fourth tranche with a nominal yield of 2.85% shows that the use of these instruments is well justified, and that the moment of issuing the commercial papers is just right. The fourth tranche also shows that Podravka has today the cheapest form of kuna financing in the Republic of Croatia.”

In May 2002, Podravka established the Programme of Issuing Commercial Papers to the total value of 150 million kuna, with a nominal yield of 4.90%. The arranger bank, issuing agent and dealer of the Programme of Issuing Commercial Papers is Privredna banka Zagreb, d.d.

The second tranche, to the value of 38 million kuna, had a nominal yield of 3.80%, while the third tranche, to the value of 52 million kuna, had a nominal yield of 3.50%.

The current value of issued commercial papers is 110 million kuna.