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Sava Announces EUR 50m Bond Issue

Kranj, 30 November (STA) - Sava, the tourism-to-chemicals group, will embark on a EUR 50m bond issue in December to secure money for $balancing the balance sheet structure by maturity$, the Kranj-based company said Monday.

The interest rate will be determined on the basis of a five-year mid swap rate that will be read on the Reuters EURIRS page as an arithmetic average between the buying and the selling rate.

The issue will be managed by Abanka Vipa bank and is expected to wrap up in December. The bonds will be listed on the Ljubljana Stock Exchange in January, according to plans.

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