Sotuver issues bonds

Leading Tunisian glass maker Sotuver recently launched a TND six million (US$ 4.10 million) bond issue to finance part of a three-year investment plan, its financial chief said. Sotuver began selling …

Leading Tunisian glass maker Sotuver recently launched a TND six million (US$ 4.10 million) bond issue to finance part of a three-year investment plan, its financial chief said. Sotuver began selling 60,000 bonds priced at THD 00 each the first week of Feburary, with 20 February as a closing date for the issue subscription, Sotuver financial director Ridha Karrou said. The bonds have a seven-year maturity with an annual interest rate indexed to the country“s money market rate, now at 5.937%, topped by 2%. “Sotuver has an investment plan to expand its business and it aims at using the issue yield to partially finance that investment,” Karrou said. The firm plans to invest THD 5 million for the 2001-2003 period to upgrade its output capacity from 120 to 230 tons per day by end of next year. The issue has been rated “BBB” long-term by Maghreb Rating, a subsidiary of Fitch International rating agency.