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GORENJE, d.d., Velenje

Announcement on the issue of corporate notes by the company GORENJE, d.d., Velenje

Pursuant to Article 129 of the Financial Instruments Market Act (ZTFI) (Official Journal of the Republic of Slovenia, No. 67/2007, as subsequently amended; hereinafter referred to as ZTFI) specifying the obligation to announce information on new issues of debt securities of a publicly traded company, the company Gorenje, d.d., Velenje, hereby makes the following announcement:

Pursuant to the Resolution on the Issue of Corporate Notes with the Symbol GV01, dated September 30, 2014, the company GORENJE, d.d., Partizanska cesta 12, SI-3320 Velenje, (hereinafter:  Gorenje, d.d.; or the Issuer) issued on October 10, 2014, 5-year corporate notes with a total face value of EUR 73 million. Due to overwhelming investor interest, total face value exceeds the initially anticipated amount of EUR 50 million.

The company Gorenje, d.d., will use the funds raised with the issue of GV01 notes to further strengthen the maturity profile of its debt and to diversify its long-term financing sources which are currently restricted to banking sources.

Pursuant to the relevant legislation, the notes were offered, subject to exceptions from the obligation to publish a prospectus, in Slovenia and other EU member states. The GV01 notes were subscribed by 97 investors.

On October 10, 2014, the notes were issued in dematerialized form by registration to the KDD (Central Securities Clearing Corporation, d.d., Ljubljana) accounts held by the note holders, in compliance with the KDD rules. The Issuer will file with the Securities Market Agency a request for approval of prospectus for regulated trading with the notes. When the decision on the approval of prospectus is issued, the notes will he listed on the regulated market of the Ljubljana Stock Exchange, d.d., Ljubljana.

Following are the key parameters of the corporate note issue by the company Gorenje, d.d., Velenje, with the symbol GV01.

  • Notes with equal annual principal and coupon payments have a maturity of 5 years after the start of interest accrual on October 10, 2014. The principal and coupon/interest shall be due for payment each year at the end of period (recursively). The first payment shall be due on October 10, 2015; thereafter, each successive payment shall be due by October 10 of each year; the last payment shall be due upon note maturity on October 10, 2019.
  • Total face value of the corporate note issue amounted to EUR 73 million.
  • The notes are issued with nominal par value of EUR 1,000 per note. Minimum note subscription amount was EUR 10,000, or 10 notes, per subscriber.
  • Total issue includes 73,000 notes at a par value of EUR 1,000.00 per note.
  • Fixed coupon interest rate shall be 3.85% p.a.
  • There is no extra insurance or warranty regarding the notes. Settlement of liabilities and obligations pertaining to the notes is guaranteed by the issuer, against the issuer's entire assets. Until full repayment of all liabilities pertaining to the Notes, the Issuer shall not encumber his property or allow the occurrence of encumbrance of the property of the Issuer's subsidiaries.  The Issuer hereby makes a commitment to particular note holders and guarantees that throughout the period until the full repayment of the liabilities towards the note holders their claims and receivables based on the notes or related to them, payable by the issuer, are and will be at least equal (pari passu) to issuer's other non-insured receivables.

Gorenje, d.d., authorized the companies ALTA Skupina, d.d.; ALTA Invest, d.d.; Nova Ljubljanska banka, d.d., Ljubljana (Lead Managers), and Nova KBM, d.d. (Co-Lead Manager) for expert consulting and services related to the issue and sale of notes.

The information included in this announcement will also be available at the official website of the company Gorenje, d.d., Velenje, at www.gorenjegroup.com, for a period of no less than 5 years from the date of announcement.

Gorenje, d.d., Management Board
Date: 10.10.2014