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    “Darik Estates Bulgaria” AD issued its first collateralized corporate bond with a par value of EUR 4 million


    “Darik Estates Bulgaria” AD issued its first collateralized corporate bond with a par value of EUR 4 million. Raiffeisenbank (Bulgaria) EAD is Lead Manager and Underwriter of the transaction. The bond has the following characteristics: 5-year term; maturity on Nov. 2, 2010; floated coupon-6 month EURIBOR + 4,50%, the principal is payable on 4th to 10th coupon payments. The bond is collateralized with mortgage and a claim on security. With the money of the bond Darik will finance new investment projects.

    The bonds were privately placed at their initial offering. At a subsequent stage the bonds will be offered for public trading on the Bulgarian Stock Exchange – Sofia AD.

    “Darik Estates Bulgaria” AD develops its activities in hotel business and rental of offices. Darik possesses the hotel complex Bulgaria in the town of Dobrich, Vitosha chalet (Vitosha mountain) and two business buildings in the city of Sofia – Office center Bulgaria 2000 and Business center Parchevich.
    The company broadens its activities, as it invests in new offices. As of year 2007 it plans to possess 20 000 sq.m. of offices. In 2005 Darik Estates Bulgaria started to build a residential house in Sofia.

    Picture of Office center Bulgaria 2000

    (Office center “Bulgaria 2000”)

    After the successful completion of Raiffeisenbank’s 19th transaction at the primary market, the bank has confirmed its lead position at the Bulgarian debt market. Since the beginning of 2004, Raiffeisenbank (Bulgaria) EAD has successfully structured and placed as Lead Manager 19 bonds at the total amount of EUR 154 million.

    Graph presenting the market development and the market share of RBBG

    Pie representing the RBBG market share in 2005


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