Ljubljana, 28 October (STA) - The reinsurer Sava Re, the parent company of the insurance group Sava, has issued 20-year subordinated bonds worth a total of EUR 75 million. It intends to spend the raised funds for the general needs of the group and optimisation of its capital structure.
Sava Re said in a press release on Monday that the first call date is 7 November 2029, with the annual interest rate fixed at 3.75%. Coupon payments will be made annually.
If the reinsurer opts against the first call, the annual interest rate after the date will be the three-month Euribor plus 4.683%, and coupon payments will be made quarterly.
According to Sava Re, the issue with the maturity in 2039 is intended to professional investors and will be listed on the Luxembourg Stock Exchange.
The issue has been structured and managed by Austria's Erste Group, the company added.