Tecnicil launched bond offer Friday 10th August

Real estate company Tecnicil will carried out a Public Subscription Offer of 750,000 bonds Friday to finance three of its loans.

Through three of Cape Verde’s commercial banks and the Cape Verde Stock Exchange, Tecnicil will launch 750,000 ordinary bonds worth 750 million escudos on the money market Friday to finance its investment portfolio. This is a first for a private-sector company in Cape Verde. The operation is aimed at obtaining financing at a lower cost than that practiced by commercial banks.

The consortium of obligations is made up of three bond loans: A: Euribor + 2.216% 2012, with commercial bank BCA (Banco Comercial do Atlântico), represented by 350,000 bonds; B: Euribor + 2.216% 2012, with Caixa Económica de Cabo Verde, representing 200,000 bonds; and C: Euribor + 2.216% 2012 with Banco Interatlântico, represented by 200,000 bonds.

According to the Cape Verde Stock Exchange, the loan operation, aimed at the public in general, will not have a final purchase deadline and will involve a maximum of 750 million escudos, with the nominal value of each bond at 1,000 escudos.

The bid will be published in one or more of the country’s newspapers and will be publicized along with a prospectus on the Bank of Cape Verde’s web site (www.bcv.cv) and will be available to all those interested at the three banks’ agencies.

Tecnicil will offer various plots of land and pieces of real-estate in Praia and Mindelo as guarantee in the operation.

Cape Verde Stock Exchange president Veríssimo Pinto explains that the operation will be highly advantageous for Tecnicil, which will manage to obtain funds at lower interest rates than those normally practiced in the banking market.

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