As part of yesterday’s Investor day, Ljubljana Stock Exchange awarded issuers and member firms for their contributions and results in 2020. After being a member for 4 years, this is the second consecutive year that InterCapital was awarded as the Member of the Year of Ljubljana Stock Exchange.
InterCapital is extremely proud to announce that we have been awarded as the Member of the Year at the Ljubljana Stock Exchange. Such an award comes on the back of our leading equity market share of 25.2%, continued research activities and the contribution of market making mandates.
InterCapital became the inaugural provider of market making services in Slovenia for the first time since 2008. Currently we provide these services to Krka, Triglav, Petrol, Sava Re and Telekom Slovenije. Through this service, InterCapital aims to increase the liquidity and lower the spread all in order to improve trading efficiency for both retail and institutional investors.
In addition, the achievement comes as a result of our continuous investments into fully independent research team and securities promotion platform with the aim to provide our clients a comprehensive, in-depth, timely and forward-looking coverage of the most quality investment opportunities in the region. Our research team has one of the largest coverages, currently covering 7 Slovenian issuers: Krka, Petrol, Triglav, Sava Re, NLB, Telekom Slovenije and Luka Koper.
We would like to state that it is a great honor to receive the Member of the Year award for the second consecutive year. Despite a challenging year we are extremely proud that our expertise and quality of service were maintained and once again recognized by both investor community and corporates.
We firmly believe that this award confirms the validity of our strategy of constant promotion of the Slovenian capital market and the dedication of all our employees. In the coming years, we will continue to develop our services and be the pioneer of innovation in the regional market in line with global best practices.
Last but not least, we would like to note that this recognition could not be achieved without our clients and partners and hence we thank all of you for your continuous support and trust, even in these challenging times. We are very proud to be the leading broker in Croatia and Slovenia and are looking forward to the light at the end of the tunnel of this pandemic. We are very much aware of the challenges as well as opportunities that lie ahead in the following years.
Atlantic Grupa released a statement yesterday in which they announced that they have successfully raised HRK 300m through their new bond issuance.
Late last month Atlantic Grupa invited investors to subscribe to their new bond issue which was planned in the amount of up to HRK 300m. Yesterday they announced that the offer was fully filled. Furthermore, it seems that Atlantic Grupa’s positive market performance has clearly awoken investor’s interest as the amount subscribed amounted to HRK 407.1m.
The new bond matures in 2025 and has a yield of 0.878% with a fixed interest rate of 0.875% paid semi-annually.
Note that the new bond will be used to refinance the company’s HRK 200m bond which will be redeemed early. The bond was issued back in June 2016 at 3.135% yield with an annual coupon of 3.125% and a semi-annual payment of interest. This would translate to an annual interest expense of HRK 6.4m.
The new loan is split equally between the two lenders, is due 2033, and bears a fixed interest rate of 2.6%.
Arena Hospitality Group published an announcement on the Zagreb Stock Exchange announcing that the company has entered into a new c. HRK 180.0m (or EUR 24m) loan agreement for the repositioning and redevelopment of Hotel Brioni in Pula.
Phase one of the repositioning and redevelopment of Hotel Brioni started in January of 2020. Phase two is currently underway and the opening of the repositioned hotel is expected to take place ahead of the 2021 summer season. Arena notes that the hotel will be repositioned as a luxury upper upscale hotel with 227 rooms building upon the hotel’s status and reputation, with the ambition for it to become the best in class hotel in Pula and the surrounding area.
The overall repositioning programme is expected to be approximately HRK 260m and the new c. HRK 180m long-term loan agreement will partly fund this repositioning and development. Meanwhile, the remainder will be funded from existing cash reserves. As of 9M 2020, the Group operated with a cash (and cash equivalents) position of HRK 522.8m, while their net debt amounted to HRK 866.9m.
The new loan is split equally between the two lenders, is due 2033, and bears a fixed interest rate of 2.6%.
Arena notes that pipeline of the Group for the short to medium term include:
- completion of the acquisition and takeover of hotel 88 Rooms in Belgrade in early 2021
- the repositioning of campsite Stoja in Pula into an upper scale campsite
- conversion of an iconic building in a prime location in the heart of the city of Zagreb into an upper scale 113 bedroom hotel
- refurbishment of hotel Riviera in the heart of the city of Pula.