Centralne Towarzystwo Leasingowe plans bond issue upwards of euro 70 million

Leasing company Centralne Towarzystwo Leasingowe (CTL) plans to conduct a bond issue worth at least euro 70 million in the third quarter of this year, in an apparent attempt to circumvent problems with banks that often refuse loans to the company. "[euro 70 million] is a low-end estimate," said Andrzej Kielczewski, President of CTL. "The real value of the issue could exceed euro 100 million." The issue will be conducted abroad and the exact date has not yet been agreed upon. Commenting on the company's plans, Kielczewski said that the issue was not earmarked for any specific purchaser, but added that the bank responsible for the issue had managed already to find interested parties. The company would spend the funds gained from the issue to finance its leasing activities. Should the issue succeed, CTL would no longer be hampered by banks which refuse to grant loans to finance the company's leasing agreements. (Puls Biznesu, p. 3) P.J.