European Bank issued the following announcement on Nov. 8
Romania’s largest locally owned rental and operating lease firm Autonom will expand using funds it has raised by issuing a bond backed by the EBRD, which will be listed on the Bucharest Stock Exchange.
The Bank, which is among the leading institutional investors in the country, has invested €4.5 million in the €20 million issuance. The transaction promotes the further development of Romania’s capital markets and builds on a recent upgrade of the country’s stock market to a secondary emerging market by FTSE Russell.
Funds raised by Autonom will be used to expand its car fleet to meet increasing demand from local companies.
Autonom, founded in 2006 by two brothers, Marius and Dan Stefan, now has a network of over 40 agencies across Romania, subsidiaries in Hungary and Serbia and a total of 9,000 vehicles. It also provides: short and medium term car rentals; chauffeur and shuttle services; equipment lease; road assistance; car-fleet management services; and used car sales.
Previously, the EBRD has extended a €5 million loan to the company and has provided support under its Advice for Small Businesses programme in Romania funded by the Austrian government. With the help of an international adviser, Autonom was able to access new sources of finance and grow its business.
Last year, Autonom joined the EBRD’s Blue Ribbon programme which combines business advice and finance for companies that stand out for their market leadership and high-growth potential.
The EBRD is a leading institutional investor in Romania and to date has invested over €8.3 billion in the country, primarily in the private sector.
Original source can be found here.
Source: European Bank