Appeninn Vagyonkezelő Holding Plc. had an extraordinary general meeting on 5 November, in the scope of which the shareholders authorised the Board of Directors to start the preparation of the bond issue planned in the scope of the Bond Funding for Growth Scheme issued by the Hungarian National Bank. Subsequent to prolonged negotiations, the Company received the ratings necessary for the participation in the Bond Funding for Growth Scheme on 1 October 2019 from Scope Ratings GmbH, which is an international credit rating agency, according to which the bonds received BB- rating, while the company itself got a B+ rating.
The company is to issue bonds of a total amount of not more than HUF 20 billion. The bonds of a maximum majority of 10 years are intended to be issued this year. In the evaluation of Scope Ratings, the 97% exploitage of Appeninn’s property portfolio, a well as the ambitious acquisition plans were highlighted.
According to Tamás Bernáth, the Chairman and CEO of Appeninn, the bond issue will be a major milestone for the company. Because funds can be raised with beneficial conditions, which will enhance a significant growth for the company. The company aims at the integration of high quality properties with high yield generating capability into its property portfolio.