Saras Places $239m Bond with Private Investors
Saras' Sarroch Refinery (Photo courtesy of Saras)
Italian oil refiner Saras said on Wednesday it had placed a bond worth 175 million euros ($239 million) with private investors.
The proceeds of the bond will be used to refinance existing debt and fund other general corporate measures, the company said in a statement.
The bonds will bear a yearly coupon of 5 percent and mature on July 17 in 2019, it said.
Saras, which is controlled by the Moratti family, is 21 percent owned by Russia's Rosneft.
Earlier on Wednesday SocGen said in a report the share price of Saras was becoming attractive for a potential buyer, adding Rosneft could increase its existing stake and propose a 40 percent premium to market price to take control of the refiner.
Rosneft has previously indicated it might be interested in raising its stake in Saras.
($1 = 0.7331 Euros)
(Reporting by Stephen Jewkes; Editing by Lisa Jucca)
