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The Warsaw Voice » Business » September 16, 2009
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Electus Ready for Bond Issue
September 16, 2009   
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Financial service provider Electus SA is preparing to go ahead with the second stage of a bond issue that aims to raise zl.80 million in extra funds to expand the company's portfolio.

The bond issue program, approved by financial supervision authorities in March, is targeted at both individual and institutional investors in Poland and abroad.

Electus began eyeing foreign investors after international rating agency Fitch graded the company at B+.

"It was one of the conditions foreign investors had given us," says Electus chairman Marek Falenta. "The Fitch rating presents us with new opportunities and a new group of potential investors interested in the company's debt securities."

Raising the planned zl.80 million from the issue will enable Electus to increase its revenue by zl.10-15 million. This is expected to help the company strengthen its leading position on the market for financing public healthcare centers in Poland. Electus has led the way in this market segment for several years.

Poland's public healthcare sector is zl.9.8 billion in debt; of this, 2.4 billion is due immediately.

Last year, Electus' revenues totaled zl.48.8 million, exceeding those of other companies in the sector. To compare, Magellan reported zl.40.4 million and MW Trade zl.8.06 million.

Studies are under way to see how Electus could develop through acquisitions. That could trigger the long-awaited consolidation of this market segment in Poland.

"We have been examining opportunities for working together with other businesses on the Polish market, especially in terms of financial ties," said Falenta. "So far, we have made no binding decisions in this area. We are also interested in companies active in countries neighboring Poland though that requires a thorough analysis of the legal conditions on those markets as far as hospital debts are concerned."

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