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Tušmobil Issues EUR 5M Bond

Ljubljana, 09 July (STA) - Tušmobil, the telecommunications arm of the privately-held Tuš Holding, last week completed a EUR 5m issue of a two year-bond at a coupon rate of 6.5%, business daily Finance reported on Tuesday.

The money will be used to pay off debt to the biggest creditor, the telecoms incumbent Telekom Slovenije, which stems from interconnection fees.

The company's director Gregor Štampohar described the move as "a landmark" for Tušmobil, indicating that the bondholders have recognised the company has achieved a turnaround.

According to Finance, Tušmobil has so far been considered an albatross of the group, which derives the bulk of revenue from its retail arm, Tuš.

But the company has recently started growing , adding 30,000 subscribers in the year to June and increasing its market share of mobile telephony services by a percentage point to 11.3%.

The company, whose workforce dropped to 191 from 234 four years ago, posted sales of EUR 72.2m last year and earnings before income tax, depreciation and amortisation (EBITDA) of EUR 9.2m. It did not disclose the net outcome.

Tušmobil plans to floats the newly issued bonds on the Ljubljana Stock Exchange, which will also require the secretive company to be more forthcoming about its disclosures.

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